Crude oil price plummeting, petrol and diesel have both got cheaper.
Gas and electricity wholesale prices down by a third (although admittedly the utility companies haven’t actually passed much of that on to us yet).
And there’s even talk of an interest rate rise (there’s always talk of an interest rate rise…).
So maybe now’s the time to be stuffing some of this spare hard earned into the bank, and from the 6 April 2016 if total income from all sources is less than £15,500 there is no tax to pay on all that lovely bank interest.
Yes, that old favourite the exciting 10% starting rate is abolished and replaced with a 0% rate and the threshold is being raised from £2,880 to £5,000.
So if your client’s total income is below £15,500 (the personal allowance of £10,500 plus the new nil rate band) they can register for interest to be paid gross using form R85.
If they earn £14,000 and have £2,000 a year savings income, interest cannot paid gross but they would still be entitled to a refund on £1,600 of that savings income using good old form R40.
As a certain corporate says in its advertising “every little helps”