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K188 Tax code
Apologies if this post is in the wrong forum but I have seen a lot of tax code discussion on here. My 76 year old Mum has just received a HMRC letter explaining that her Tax Code is changing for 25-26 to K188. She receives a widows state pension £269 pw and a widows police pension of £1377 pm, now I think I understand that…
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"Manual Bed & SIPP" does this work?
Like many here (I suspect) I'm thinking about CGT for the first time. Never needed to before. I have a GIA that contains 10K purchase each of BCOG and gold, silver, and platinum ETCs (all bought in a previous tax year) Currently they're worth approx 10k (BCOG) 15k (Gold) 13k (Silver) & 9k (Platinum). As these are my only…
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Director's Loan to Ltd company - Are finance costs tax deductible in this scenario?
If I take out a mortgage in order to lend money into my Ltd company via a Director's Loan, the finance costs are tax deductible since they are for business purposes. If the company then uses the money to buy an asset (property) from me as an individual, does this change the tax treatment of the finance costs in any way? My…
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Prmium Bond winnings and tax on interest advice please
Hi everyone, We regularly put savings into our children's Premium Bonds in the hope of them getting a big win one day. We know that the winnings are tax free and they get the odd win now and again. However, if we chose not to reinvest and winnings and instead NS&I transferred the winnings to a savings account, would we as…
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How to avoid paying tax on an inheritance
To our considerable surprise, my wife and I have learned that she stands to inherit something in the region of £100K shortly. We currently live on my State pension and Pension Credit, and have not paid tax since I had to stop working 10 years ago. Obviously we will come off Pension Credit once this windfall is actually in…
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SAYE tax free options
Hi, I have a SAYE plan which is due to mature. At current share price it's worth £25,000 of which £13,000 is profit, so liable to CGT. I'd like to put this money into my pension. According to the government website, the 2 ways to not pay CGT on this money is to pay direct into a pension or pay into a Stock & Shares ISA. My…
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Company SIP
I have two savers with Nationwide, one for regular savings such as rounding transactions down to the nearest £10, and one which allows £200/month deposits as an emergency fund. I'm currently exploring the different options there are out there. I've been reading over a booklet provided by my employer about their SIP - Share…
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Best savings account
Hi. Ive researched but am confusing myself!.... Would like to save £50 a month in an account for my grandchild which i will keep putting in monthly which they can then have when i pass away. With interest ideally being paid montly. What kind of account is best please - maximum interest etc? Savings or ISA and with who?
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Savings accounts for non UK resident
Hi MSEers, my mum recently retired back to France to look after her mum (she is 93), she plans on coming back to UK once her mum passes away. Whilst she is there she is considered no longer a resident in the UK. However she would like to keep savings accounts in the UK. She isn’t eligible for normal accounts, and the one…
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Taxable Interest on Savings
Myself & my OH don't work, he's just taken early retirement at 58, so we don't have any income, (apart from interest on savings) until he's due his private pension at 60. In the bank today & was told that we can still only earn £1k interest & then any amount over that is taxable. I thought our personal allowance of £12,570…
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My Community Credit Union
Just for people to be aware, I signed up for the My Community credit union saver - 5%. Its as follows: 5.01% AER for balances from £20,000 and over 2.5% AER for balances from £1,000 to £20,000 0% AER for balances from £0 to £1,000 However, when I logged on to the site, I noticed there is zero additional security measures…
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Savings accounts on Open Banking
I just have a question, why do all savings accounts not appear on Open Banking when linking bank accounts from other providers? It affects apps like ClearScore where it looks like you have less money than you actually have. Also, the bank accounts where it shows how much you spend and it takes into account all accounts…
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ETF in Euros
Hi, I need to understand whether I can use my Barclay Euro Account (different from the international one) as a deposit account for investing euros in ETF. I called Barclays but they weren't able to reply clearly. Any suggestion? I am not a financial expert... Thanks!
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High interest easy access on £200k
Hi all, I'm hoping to sell my London apartment this year and will release c.£210k in capital. In the short term (6-12 months) I'll be moving in with my partner while I search for a new property to buy outside of London. My plan has been to put the capital into a high interest current account with a 4.7% interest rate (at…
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Cashing in Premium Bonds
Hi All, I want to cash in my Premium bonds for a house purchase on 24th Match. Is it possible to leave them in for March's draw and have them cashed in on time for the house purchase?
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Conflict of Interest
Morning all Background: We borrowed 10k from my parents to buy a car. Very amicable, and they are not putting under any pressure to pay them back. Situation: We set up a 3.65% savings account that pays monthly, and compound interest on the interest. Currently £2k in there earning £7 interest at the moment, and we pay £170…
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Capital gain tax on stocks and shares
Hi all. I want to confirm that my understanding is correct. 1. Capital gains tax on S&S is net gains (and not disregarding the losses)? 2. Deadline for self assessment has passed (31st Jan). How do I inform HMRC of my capital gains from S&S in Feb and March? 3. For those of you who have to pay CGT on S&S, any advice on…
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Tax on one year bond savings
Hi All, I'm back with another question. My mum earned £6800 interest on her savings. This matured in December 24. She is a basic tax rate payer. She receives a small work place pension of £570 per month and her state pension of £823 per month. Other income would be a yearly interest earned from savings- approx between…
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Invest Engine Information Security Concern
Hi, I opened an Invest Engine Business account, all appeared well while I had little money in it. When I increased the investment slightly I received an e.mail requesting a lot of personal ID and financial information. I am suspicious, I've had nothing in the "Notifications" section of my account. The e.mailer says they…
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Accounts using partner banks
I find these accounts quite difficult to get to the bottom of. I'm talking of the "everyone treated the same" accounts as opposed to the self select like Raisin. I'm aware of 4, the simplest is Chip because they only partner with Clearbank. The next I'm aware of is Moneybox. I enquired with them a month or so ago about…
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