She commented to say: "More than two million people will face a tax bill on their savings interest this tax year, as rising interest rates and frozen tax thresholds have pushed more people into these tax bills.".
While those filling out a self-assessment tax return will declare any savings interest and subsequent tax due, those taxed under PAYE get any tax liability calculated by HMRC based on information sent to them by banks and building societies.".
New data indicates that millions more Brits will be hit with a tax bill on their savings this year, as frozen thresholds and rising interest rates pull them into the tax net.
Suter rings the alarm bell, cautioning: "Lots of people may have racked up a hefty tax bill already this year because they didn't realise they'd breached their Personal Savings Allowance.".
She said: "You can organise your savings and dodge some sneaky tax traps to avoid being landed with an unexpected tax bill next year.".
