Everyone has a personal income tax allowance, which currently stands at £5,225. Even newborn babies have a personal income tax allowance so it would be beneficial to make the most of your child’s allowance. Despite the fact that there are few children that earn interest on their savings in excess of this sum, banks don’t automatically make their accounts tax-free – it is recommended that you fill out form R85 to avoid tax automatically being paid on their money.

Be warned though Gordon Brown has his eye on parents that try to use their child’s tax allowance to save tax on their own money and as a result if your child earns more than £100 interest a year then the parents will have to pay tax on the money!

For further information on this article please speak to your client manager.

“No matter how good your product is; no business can build an excellent reputation without outstanding customer service."

David Freemantle - What customers like about you.  

We offer a session to our clients, which look at ways to improve the customer service that they currently provide to their clients/customers in order to make them more successful.

For further information on this session please contact your client manager or alternatively email Cheryl@a4gsolutions.co.uk

Due to the editor of the newsletter taking a summer break there will be no email newsletter next week. The newsletter will continue to go out on the 11th July.