Thanks for your help, for the first time in my life I have exceeded the interest limit, so had a couple of sleepless nights worrying about this. I appreciate you advise.
Great video so HMRC will sort how much tax you owe on your savings and recoup it by adjusting your tax code if you already a PAYE tax payer that saved me a lot of hassle, thank you
That is not what my Natwest bank consultant is telling me. So I am now very confused... I did not exceed 10000 pounds (I wish), but according to Natwest I still need to do my self-assessment return...
@@jorgechoypernia from my understanding now, if you do get over £1000 in interest (outside of ISA) HMRC will tell you how much extra tax you need to pay. Problem is it's not clear if they immediately alter your tax code or give you the option to pay it outright. Under £1000 you dont need to. Think if you've only £10 in interest over a year previously, you'd not need to do self assessment. I've never done one and last tax year is the first I got over £1000 interest I'm still confused about when my tax code will and if will be amended
I have been worrying about this very thing this week. I wish they could publish a timetable of potential changes and which tax year they are talking about on the personal tax page. Thank you so much for this explanation.
Very clear explanation. Thank you! I’m self-employed and have been keeping a spreadsheet entering the interest I earn on each account each month. It doesn’t take much time if you do it as you go.
I've just finished self-employment and hopefully won't have to fill in another tax return but never say never. I was wondering how things would be worked out for interest earned. Thank you so much, this information was put clearly and in an informative easy to understand way.
This is something I will have to deal with and I've called HMRC for advice on the issue. I have gone for the option to pay the difference I owe making a payment for the difference to HMRC as I don't want my tax code changed I feel this is the best option for me.
@@susanturner9659 Hi susan thanks for the reply, Trust me its the correct thing to do, You dont need or want your tax code changed. I am a fan of a fixed rate accounts if you dont need the cash if you can earn more always go for it but the rule i set myself is work out the intrest you will have to pay if you go over the £1000 PSA put 20% of the extra amount it to one side for HMRC payment base it on what you have made on whats left i think is the bast way to look at this.
That's good to know as I want to do this for interest 23/24. When can you/do you pay the amount HMRC require? Take it it is in 24/25 tax year for 23/24 interest in the 23/24 tax year, but roughly when do you pay it?
@@Thetoon25 Hi, To answer your question very simply yes your correct it's always for interest earned in the previous year. So when you get your tax code for the year ahead you will see any difference they will change your tax code for the year ahead but ask to settle what you owe on the internet earned this way your tax code stays the same. Hope this helps
@@Chris-Corcoran great, very relieved about that as I don't want my tax code messed about with. I'd rather just pay what I owe and the code remain. Thanks again, really appreciated
@@Chris-Corcoransorry to quiz you on this but what do you mean by the year ahead? Do you mean they adjust your tax code for 25/26 for the tax due on interest earned in 23/24? I’m sure it’s obvious and I’m just being a bit thick but it would be good to know for sure.
Thanks Andy. Tax on savings has not been a problem until now are interest rates have been practically negligible but now rates have risen and our dear chancellor has reduced the allowance to £1k it does have an effect.
@@stevedunn3113 that seems very odd. Surely HMRC should write to you to state how much 'extra' tax (from interest) you need to pay from the previous tax year. You can then check your own records against the information the banks have passed them. Makes me very nervous about this
Great video. Just a quick question - What is the difference between interest and capital gains? I was led to believe that profit made from investments in stocks were classed as capital gains. Which has an allowance of £6000. Thanks
Thanks Andy. been looking around for this information so happy you have explained it. I would say though, in this day and age, you would think as part of the government gateway accounts, they would add the amount overpaid and tax due onto the account and then the ability to either pay it or stick with the default option of changing the tax code. Maybe one for the next meeting with ministers if you are doing one :)
Tax tax and more tax. Just done mine. "A great time for savers!" Eh... no it's not! It asks you for gross or net. Your statements tell you which option to cover. Tick the box to say it's the only year you'll do one - otherwise they project it and take money in advance. Better in your account than the HMRC.
So if it’s say a 3year bond with the interest paid annually but you choose to have it added to the bond account and not withdrawn to a external account.The whole 3 years of interest won’t count until the end even though it has been paid annually?
Mark if your interest is paid annually then it will count towards that years savings allowance. I have a 2 year bond which is paid on maturity so my interest will be paid all at once at the end of year 2. Hope this helps
Hello, thanks for this video its really helpful. Can I just ask a couple of things? So if your combined saving account produce interest of less than £10,000 you dont need to do anything? If this is the case will the tax on the interest you get be taken at source before you get the interest? If this is the case would your tax code remain the same? Thanks so much!
Should I declare my money if I have about 10k in my bank account or I should transfer them to an ISA account? These are savings from my salary and bursary.
Thanks for this I have been wondered about this as I start to save. Can I also ask how tax works on investments? Have you done a video on this, had a look and couldn't see anything. I want to start investing, but when I had some shares in the company I worked for, when I sold them on the tax they took off it wasn't worth me buying them. Wondered how it worked. I am looking to open a vanguard targeted fund. Thanks in advance
So if you have a 5 year account, do you get the £1,000 allowance for each of the 5 years (£5,000 total allowance)? Or do you only get £1,000 allowance in total for the 5 years?
Hi Andy, Brilliant video, very clear. I am one of those who earned more than my £500 tax free allowance in 23/24. When exactly can I expect my tax code to change? Will it be in summer 2024? My marginal rate of tax is 40% in 23/24. Will my tax code be adjusted assuming 24/25 will also be at 40%? The reason I ask is that my marginal rate in 24/25 will probably only be 20% so it will take 2 years to pay back the tax due on interest for 23/24. I won’t exceed the interest tax free threshold in 24/25 so it’s only 23/24 that I have to pay tax on.
So I'm confused about something here. You say that if your income from savings is less than £10,000 a year then you don't need to do anything, then how does the £1,000 Savings Allowance factor into that? Let's say for example I got an income of £5,000 from last tax year then on the one had I don't need to do anything, but on the other I'm gonna get Taxed on £4,000 of that? Will they take it out of my Wages? I hope I made sense there lol.
If your basic tax rate payer, it’s 1k limit, higher tax, it’s 500. So if you pay 40% tax, have a bank accounts which produced 500.01 of interest, you pay tax on the 1p. Basically everyone falls foul here !! Perfect storm of high interest rates and reducing tax allowance. The 10k is the qualifying amount you must do self assessment.
Still not sure what the situation is with interest earned from a Trading 212 account as T212 say they don’t report to HMRC. Does it mean that everyone earning interest from T212 and resident in the UK now has to complete a HMRC tax return?
Sorry but im really worried about this and is causing me a lot of stess and anxiety But how do you make sure they are taking the exact amount? How do you also know your calculation of interest/tax matches what the bank sent HMRC? Im worried my tax code (1257L) will be knackered forever.
If you log into the Government Gateway you can enter your anticipated interest for the current year using the PAYE section. You can also record anticipated dividends in the same way. HRMC then adjusts your tax code to take account of these. At least means that you can get ahead to the game, rather than waiting for HMRC to react to data from the banks. Only gotcha (recently discovered) is that you can only change one of these at a time - so I had to put it through as two separate adjustments.
@@Thetoon25 To me, its simpler (automated) to pay via a tax code adjustment. Also, means that pay more slowly since its spread over the remainder of the tax year, so can earn a small amount of interest on the money before it leaves you.
@@roberthuntley1090 cheers Rob, my only concern with this is that they either mess up my tax code or I end up paying more over the year, via the amended tax code, than I should from the inital tax owed.
@@Thetoon25 Its never been a problem for me, and anyway they carry out an end of year review and workout any surplus/shortfall; and take account of that in future code changes. Over a couple of years it sorts itself out, I just like to be ahead of the game. You're only talking about small amounts of money (a few £100?) anyway, for substantial sums the PAYE option won't be available (Though I don't know what the limit is ). Example - I'm currently for last year's shortfall of ~£250 through a PAYE adjustment.
HMRC write to you and say how much you owe. Banks inform them about your interest. They alter your tax code as they did to me, so it reduces your pay each month.
HMRC state they do NOT estimate the amount owed, it is based on actual figures from the banks. They monitor and calculate in November, so you get a first letter, then another 2weeks later to say they have completely ignored you and adjusted your tax code anyway.
Hi, if i have some interest generate from Jersey bank, do i need to report it to HMRC? and is that dividend also only required to be report if they are over £10000?
Could you clear something up for me. So if I have a 3 year account and the interest is paid yearly even if I can not access it until year 3 that will take me over the threshold in the 3rd year and tax will be due but If I had declared the interest yearly I would not be over the threshold in those years or year 3 and no tax would be due. from what you say I would not be able to do that?
i have an nsi guaranteed growth bond that is about to end but happy with the 5.7% offered to renew it for another year so going to do that. I do a tax return each year and was assuming that the interest i earnt on it would be declared this year? or does the fact i choose to keep it locked in another year mean the 2 years of interest goes on 24/25 tax return instead?
Hi all Just to clarify matters given I've been sent my interest / tax for the 2023/2024 year. I'm due to pay £52.80 I have two options a) pay outright and pay it online b) in the 2025/2026 tax year it is taken off in 12 installments from my pay. Hope this helps matters undertand how and when it goes out / paid. Not sure why he mentions calling or writing? Also changing of the tax code? Its all done online via gov gateway?
hi can you help please - how do i declair interest from my 3 month notice account ? the interest is paid monthly back into the savings account but if it takes 3 months to transfer it out into my bank account it will show up in the next finacial year ? i don't know how the accessable funds rule works when it's between say feb - april ? do i just declair any interest when it reaches my current account or when it reaches teh savings account and teh 90 day notice period isn't a factor ?
So if i was still contributing to my HTB ISA for until August and then, because i was ill informed i opened a 1y fixed ISA later on, i get they will know about it, but if that 1y fixed bond is not finished and will not be available until later in 2024, then I'm ok? Because the fixed bond is obviously higher interest than the HTB that i was topping up. Is it confirmed that from April 24 we can open and contribute to more than 1 cash isa? In which case, by chance I'll be fine having the fixed one and still opening a new one in april? Sorry for the essay and thanks for your time in advance
I'd rather not thanks, I've already paid tax on my wage, which has been deducted at source - anything else left over is mine - why should I have to pay tax a second time, on what remains ! ?
I was required to pay some tax from savings interest this year and spoke to HMRC as I wanted to pay it as a lump sum now but was told it will be taken out monthly in next years tax year (25-26). This is different to what you are saying so how do I pay it as a one off payment, and when can this be done. Thank you for your informative presentation.
Do you pay tax on interest over £1000 if all you get is Universal Credit or other benefits? Does money from benefits count towards your income tax personal allowance? And is the rate 20% on savings? So for example you get £1001 in interest you pay £0.20 if a basic rate tax payer? Is this even if you don't pay any tax because you don't earn enough? Why is this all deliberately confusing?
Hi Andy, Great video... You have clarified a lot regarding Saving Account interest. A question for you... I am with Natwest Bank and my Fixed Term savings account matures next week. The Bank consultant told me over the phone that I needed to report the interest I earned to the HMRC myself. I ask and ask her multiple times and she said they do not get involved with any taxation related to customer accounts... Is this true??? Do I still need to do the self-assessment tax return??? Or are the Natwest Bank consultants totally wrong?... I did not have more than 10000 in interest (as you say) so I am now very confused with what Natwest bank is telling me and what you explain in the video. Thanks Andy, any feedback/help/advice would be greatly appreciated
NatWest are just saying that they don’t know all of your income streams (one or more jobs? Income from property or dividends? etc) so it’s up to you to report everything to HMRC (probably in a self-assessment return) so they can calculate the total amount of tax due.
I tried paying the amount on the demand. The wording needs to be in English. I thought they would just say how much was owed and ask for a card payment. They don't do this and are fairly useless, so adjust the code before you can pay them.
Is there an investment that you can get an average of 9% per annum, vat free, Capital Gains free, unlimited investment amount, tear one asset, very liquid?
I've lost the plot where i had stashed my savings as moved it about loads since late 2022. So if i contact HMRC, they will already have note of 22/23 interest i received? And i can pay tax due when i call them?
Thanks for your help, for the first time in my life I have exceeded the interest limit, so had a couple of sleepless nights worrying about this. I appreciate you advise.
Great video so HMRC will sort how much tax you owe on your savings and recoup it by adjusting your tax code if you already a PAYE tax payer that saved me a lot of hassle, thank you
But how do you make sure they are taking the exact amount? How do you also know your calculation of interest/tax matches what the bank sent HMRC?
That is not what my Natwest bank consultant is telling me. So I am now very confused... I did not exceed 10000 pounds (I wish), but according to Natwest I still need to do my self-assessment return...
@@jorgechoypernia from my understanding now, if you do get over £1000 in interest (outside of ISA) HMRC will tell you how much extra tax you need to pay. Problem is it's not clear if they immediately alter your tax code or give you the option to pay it outright.
Under £1000 you dont need to. Think if you've only £10 in interest over a year previously, you'd not need to do self assessment. I've never done one and last tax year is the first I got over £1000 interest
I'm still confused about when my tax code will and if will be amended
Andy, you've been doing the most for years!
Have always been inspired by your hustle and ability to provide value 👊🏿
I have been worrying about this very thing this week. I wish they could publish a timetable of potential changes and which tax year they are talking about on the personal tax page. Thank you so much for this explanation.
Very helpful and informative video. Cleared up a lot for me, as just starting saving. Thank you so much.
Very clear explanation. Thank you!
I’m self-employed and have been keeping a spreadsheet entering the interest I earn on each account each month. It doesn’t take much time if you do it as you go.
I've just finished self-employment and hopefully won't have to fill in another tax return but never say never. I was wondering how things would be worked out for interest earned. Thank you so much, this information was put clearly and in an informative easy to understand way.
This has been super useful, big thank you!!
Would like to see something along these lines but for a pensioner with no income other than two pension and saving that gain interest
Really good and informative thanks
This is something I will have to deal with and I've called HMRC for advice on the issue.
I have gone for the option to pay the difference I owe making a payment for the difference to HMRC as I don't want my tax code changed I feel this is the best option for me.
@@susanturner9659 Hi susan thanks for the reply, Trust me its the correct thing to do, You dont need or want your tax code changed. I am a fan of a fixed rate accounts if you dont need the cash if you can earn more always go for it but the rule i set myself is work out the intrest you will have to pay if you go over the £1000 PSA put 20% of the extra amount it to one side for HMRC payment base it on what you have made on whats left i think is the bast way to look at this.
That's good to know as I want to do this for interest 23/24. When can you/do you pay the amount HMRC require? Take it it is in 24/25 tax year for 23/24 interest in the 23/24 tax year, but roughly when do you pay it?
@@Thetoon25 Hi, To answer your question very simply yes your correct it's always for interest earned in the previous year. So when you get your tax code for the year ahead you will see any difference they will change your tax code for the year ahead but ask to settle what you owe on the internet earned this way your tax code stays the same. Hope this helps
@@Chris-Corcoran great, very relieved about that as I don't want my tax code messed about with. I'd rather just pay what I owe and the code remain.
Thanks again, really appreciated
@@Chris-Corcoransorry to quiz you on this but what do you mean by the year ahead? Do you mean they adjust your tax code for 25/26 for the tax due on interest earned in 23/24? I’m sure it’s obvious and I’m just being a bit thick but it would be good to know for sure.
Hi Andy, excellent update as I was worried I had to sort the interest out over the 1k but all explained for me and others, cheers
Thanks for making this. Important topic to clear up.
Thanks Andy. Tax on savings has not been a problem until now are interest rates have been practically negligible but now rates have risen and our dear chancellor has reduced the allowance to £1k it does have an effect.
Thank you, you’ve set my mind at rest.
But how do you make sure they are taking the exact amount? How do you also know your calculation of interest/tax matches what the bank sent HMRC?
I have copies of the tax certificates but beyond that it is trust. My savings interest is only around £1300pa.
@@stevedunn3113 that seems very odd. Surely HMRC should write to you to state how much 'extra' tax (from interest) you need to pay from the previous tax year. You can then check your own records against the information the banks have passed them. Makes me very nervous about this
Great video. Just a quick question - What is the difference between interest and capital gains? I was led to believe that profit made from investments in stocks were classed as capital gains. Which has an allowance of £6000. Thanks
Thank you for the information. I was wondering how it was going to be taxed.
Thank you all I see is how to save on tax. But it's actually nice to see how to go about paying this off if it gets to that.
Thanks Andy. been looking around for this information so happy you have explained it. I would say though, in this day and age, you would think as part of the government gateway accounts, they would add the amount overpaid and tax due onto the account and then the ability to either pay it or stick with the default option of changing the tax code. Maybe one for the next meeting with ministers if you are doing one :)
Tax tax and more tax. Just done mine. "A great time for savers!" Eh... no it's not!
It asks you for gross or net. Your statements tell you which option to cover.
Tick the box to say it's the only year you'll do one - otherwise they project it and take money in advance. Better in your account than the HMRC.
Good video needed to know this thanks.
So if it’s say a 3year bond with the interest paid annually but you choose to have it added to the bond account and not withdrawn to a external account.The whole 3 years of interest won’t count until the end even though it has been paid annually?
I would also like to know the answer to this.
Mark if your interest is paid annually then it will count towards that years savings allowance. I have a 2 year bond which is paid on maturity so my interest will be paid all at once at the end of year 2. Hope this helps
Yes Darren that helps a lot - Thanks 👍
Hi Andy, what if the money is in a account in my wife's name, who doesn't earn enough to pay tax. Thanks
There is one hell of a large savings at the current rate of interest.
Hello, thanks for this video its really helpful. Can I just ask a couple of things? So if your combined saving account produce interest of less than £10,000 you dont need to do anything? If this is the case will the tax on the interest you get be taken at source before you get the interest? If this is the case would your tax code remain the same? Thanks so much!
Should I declare my money if I have about 10k in my bank account or I should transfer them to an ISA account? These are savings from my salary and bursary.
Been wondering about exactly this. I'd assumed the banks auto report it as HMRC got it right last year and I didn't tell them anything.
Thanks for this I have been wondered about this as I start to save.
Can I also ask how tax works on investments? Have you done a video on this, had a look and couldn't see anything. I want to start investing, but when I had some shares in the company I worked for, when I sold them on the tax they took off it wasn't worth me buying them. Wondered how it worked. I am looking to open a vanguard targeted fund. Thanks in advance
So if you have a 5 year account, do you get the £1,000 allowance for each of the 5 years (£5,000 total allowance)? Or do you only get £1,000 allowance in total for the 5 years?
It’s your personal allowance for each tax year, not combined and nothing to do with account.
What about no interest acount
What about cash back linked to your bank account - is this income you need to declare ?
Hi Andy, Brilliant video, very clear. I am one of those who earned more than my £500 tax free allowance in 23/24. When exactly can I expect my tax code to change? Will it be in summer 2024? My marginal rate of tax is 40% in 23/24. Will my tax code be adjusted assuming 24/25 will also be at 40%? The reason I ask is that my marginal rate in 24/25 will probably only be 20% so it will take 2 years to pay back the tax due on interest for 23/24. I won’t exceed the interest tax free threshold in 24/25 so it’s only 23/24 that I have to pay tax on.
I’m same and nothing ever happened, tax due was a few hundred each year for few years.
Do you have to declare the interest, captial gains and dividends earned inside the ISA account?
answer at 8:17
No
So I'm confused about something here. You say that if your income from savings is less than £10,000 a year then you don't need to do anything, then how does the £1,000 Savings Allowance factor into that? Let's say for example I got an income of £5,000 from last tax year then on the one had I don't need to do anything, but on the other I'm gonna get Taxed on £4,000 of that? Will they take it out of my Wages? I hope I made sense there lol.
If your basic tax rate payer, it’s 1k limit, higher tax, it’s 500. So if you pay 40% tax, have a bank accounts which produced 500.01 of interest, you pay tax on the 1p. Basically everyone falls foul here !! Perfect storm of high interest rates and reducing tax allowance. The 10k is the qualifying amount you must do self assessment.
If I have interest in Jersey bank do i need to report ? and is that dividend only required to be reported to HMRC if they are over £10000 ?
Andy, does interest gained on a cash fund within a sipp count towards the amount allowed?
Still not sure what the situation is with interest earned from a Trading 212 account as T212 say they don’t report to HMRC. Does it mean that everyone earning interest from T212 and resident in the UK now has to complete a HMRC tax return?
Sorry but im really worried about this and is causing me a lot of stess and anxiety
But how do you make sure they are taking the exact amount? How do you also know your calculation of interest/tax matches what the bank sent HMRC?
Im worried my tax code (1257L) will be knackered forever.
If you log into the Government Gateway you can enter your anticipated interest for the current year using the PAYE section. You can also record anticipated dividends in the same way. HRMC then adjusts your tax code to take account of these. At least means that you can get ahead to the game, rather than waiting for HMRC to react to data from the banks.
Only gotcha (recently discovered) is that you can only change one of these at a time - so I had to put it through as two separate adjustments.
Are you given the option to pay the tax owed rather than having your tax code amended?
@@Thetoon25 To me, its simpler (automated) to pay via a tax code adjustment. Also, means that pay more slowly since its spread over the remainder of the tax year, so can earn a small amount of interest on the money before it leaves you.
@@roberthuntley1090 cheers Rob, my only concern with this is that they either mess up my tax code or I end up paying more over the year, via the amended tax code, than I should from the inital tax owed.
@@Thetoon25 Its never been a problem for me, and anyway they carry out an end of year review and workout any surplus/shortfall; and take account of that in future code changes. Over a couple of years it sorts itself out, I just like to be ahead of the game.
You're only talking about small amounts of money (a few £100?) anyway, for substantial sums the PAYE option won't be available (Though I don't know what the limit is ).
Example - I'm currently for last year's shortfall of ~£250 through a PAYE adjustment.
What if you are retired ? Changing my tax code does nothing as all I get is my pension ? Do I get a separate payable tax bill ?
HMRC write to you and say how much you owe.
Banks inform them about your interest.
They alter your tax code as they did to me, so it reduces your pay each month.
Are you given the option to pay the tax owed rather than having your tax code amended?
HMRC state they do NOT estimate the amount owed, it is based on actual figures from the banks. They monitor and calculate in November, so you get a first letter, then another 2weeks later to say they have completely ignored you and adjusted your tax code anyway.
Are you given the option to pay the tax owed rather than having your tax code amended?
Hi, if i have some interest generate from Jersey bank, do i need to report it to HMRC? and is that dividend also only required to be report if they are over £10000?
Could you clear something up for me. So if I have a 3 year account and the interest is paid yearly even if I can not access it until year 3 that will take me over the threshold in the 3rd year and tax will be due but If I had declared the interest yearly I would not be over the threshold in those years or year 3 and no tax would be due. from what you say I would not be able to do that?
Accidentally went over isa allowance in my ss ISA because I forgot about my free shares (bit of a share) DOH!
i have an nsi guaranteed growth bond that is about to end but happy with the 5.7% offered to renew it for another year so going to do that. I do a tax return each year and was assuming that the interest i earnt on it would be declared this year? or does the fact i choose to keep it locked in another year mean the 2 years of interest goes on 24/25 tax return instead?
Why don't the banks & building society just deduct the tax payable like they used to,why has the GOVT complicated things?
Because Big Brother want access to your accounts
Hi all
Just to clarify matters given I've been sent my interest / tax for the 2023/2024 year.
I'm due to pay £52.80
I have two options
a) pay outright and pay it online
b) in the 2025/2026 tax year it is taken off in 12 installments from my pay.
Hope this helps matters undertand how and when it goes out / paid.
Not sure why he mentions calling or writing? Also changing of the tax code?
Its all done online via gov gateway?
hi can you help please - how do i declair interest from my 3 month notice account ? the interest is paid monthly back into the savings account but if it takes 3 months to transfer it out into my bank account it will show up in the next finacial year ? i don't know how the accessable funds rule works when it's between say feb - april ? do i just declair any interest when it reaches my current account or when it reaches teh savings account and teh 90 day notice period isn't a factor ?
So if i was still contributing to my HTB ISA for until August and then, because i was ill informed i opened a 1y fixed ISA later on, i get they will know about it, but if that 1y fixed bond is not finished and will not be available until later in 2024, then I'm ok? Because the fixed bond is obviously higher interest than the HTB that i was topping up. Is it confirmed that from April 24 we can open and contribute to more than 1 cash isa? In which case, by chance I'll be fine having the fixed one and still opening a new one in april? Sorry for the essay and thanks for your time in advance
My savings interest earning is only 40pounds per month? Do i need to pay taxes for it?
I'd rather not thanks, I've already paid tax on my wage, which has been deducted at source - anything else left over is mine - why should I have to pay tax a second time, on what remains ! ?
Well if you haven’t earnt any money outside of your wage then you don’t have a problem.
I was required to pay some tax from savings interest this year and spoke to HMRC as I wanted to pay it as a lump sum now but was told it will be taken out monthly in next years tax year (25-26). This is different to what you are saying so how do I pay it as a one off payment, and when can this be done. Thank you for your informative presentation.
Do you pay tax on interest over £1000 if all you get is Universal Credit or other benefits? Does money from benefits count towards your income tax personal allowance? And is the rate 20% on savings? So for example you get £1001 in interest you pay £0.20 if a basic rate tax payer? Is this even if you don't pay any tax because you don't earn enough?
Why is this all deliberately confusing?
Income inc benefits
Hi Andy, Great video... You have clarified a lot regarding Saving Account interest. A question for you... I am with Natwest Bank and my Fixed Term savings account matures next week. The Bank consultant told me over the phone that I needed to report the interest I earned to the HMRC myself. I ask and ask her multiple times and she said they do not get involved with any taxation related to customer accounts... Is this true??? Do I still need to do the self-assessment tax return??? Or are the Natwest Bank consultants totally wrong?...
I did not have more than 10000 in interest (as you say) so I am now very confused with what Natwest bank is telling me and what you explain in the video. Thanks Andy, any feedback/help/advice would be greatly appreciated
NatWest are just saying that they don’t know all of your income streams (one or more jobs? Income from property or dividends? etc) so it’s up to you to report everything to HMRC (probably in a self-assessment return) so they can calculate the total amount of tax due.
I tried paying the amount on the demand.
The wording needs to be in English.
I thought they would just say how much was owed and ask for a card payment. They don't do this and are fairly useless, so adjust the code before you can pay them.
Which wording needs to be in English? Surely they have to tell you the amount you owe before the code is amended?
Is there an investment that you can get an average of 9% per annum, vat free, Capital Gains free, unlimited investment amount, tear one asset, very liquid?
yes there is physical GOLD
I've lost the plot where i had stashed my savings as moved it about loads since late 2022.
So if i contact HMRC, they will already have note of 22/23 interest i received? And i can pay tax due when i call them?
TAX NEEDNT BE TAXING
People save for funeral.
Or not 😂😂😂
first?
before it was 15 years of naff all interest at the benefit of those who love debt including mortgages
Why tf would anyone want to do this
So you don't pay more tax than you should
Thanks for making this. Important topic to clear up.