Halifax Reward Current Account - use R85

SallyBarringtonWilliams

jambosans wrote: »

Why do you and your husband have three URCA's between you? One joint URCA would do the job of all three and save you a bundle. What a waste of money.

None of your business how we choose to operate our finances and also none of your business how many urcas or other accounts we have between us

£12.50 is a third of my hourly rate of pay so it hardly matters, perhaps the fact we also have substantial shareholdings in the group also counts, well hubby does ,its amazing what extra "benefits" you get

Sally

jambosans

SallyBarringtonWilliams wrote: »

None of your business how we choose to operate our finances and also none of your business how many urcas or other accounts we have between us

I gave you solid advice, after all, the site is called MoneySavingExpert.com and you posted the particulars, not me.

SallyBarringtonWilliams wrote: »

£12.50 is a third of my hourly rate of pay so it hardly matters,

It's startling that someone earning so much can be so financially inept.

SallyBarringtonWilliams wrote: »

perhaps the fact we also have substantial shareholdings in the group also counts, well hubby does ,its amazing what extra "benefits" you get

Wait... What? I smell something.

mombers

The issues that the interest deduction at source raise the question of whether it is a good tax or not. The following can easily happen:
1.A non-taxpayer gets hit with 20% tax and never reclaims it
2.A higher rate taxpayer doesn't report the interest income and gets off scot free at the expense of other tax payers. Even worse for a 50% taxpayer
3.Just by virtue of having money in a non-ISA account, the account holder gets discriminated against. ISA accounts have huge problems and administration attached.
Would it not be simpler for interest not to be taxed at source and everyone given a tax free allowance? The banks report interest income against people's NI numbers anyway, and HMRC can figure out who owes extra tax, which, with the dismal savings rates in this country, will be very few people. This would also tilt the balance a bit in favour of renters as we currently get much fewer tax breaks than homeowners. I have to pay my landlord's income tax and CGT bill, but a homeowner doesn't. BTW I am a higher rate taxpayer.

drlabman

In relation to the Halifax rewards - what if you're a non-taxpayer, but are required to complete a self-assessment? Can you submit the R40 before you submit your tax return?

Radsteral

about to open one today as a joint account, though main attraction is phone insurance 2 blackberrys at home and i m not willing to pay 3 network 9 pounds a month when you get it for free here.
will switch my hsbc advance account to this so only pay 12 quid a month , but save by not paying for 2 phone insurances and also easy for me paying 1000 a month

drlabman

Radsteral wrote: »

about to open one today as a joint account, though main attraction is phone insurance 2 blackberrys at home and i m not willing to pay 3 network 9 pounds a month when you get it for free here.
will switch my hsbc advance account to this so only pay 12 quid a month , but save by not paying for 2 phone insurances and also easy for me paying 1000 a month

Just a word of warning regarding the phone insurance. Check the small print. There was a case on the telly last week (can't remember the programme) where the bank wouldn't pay out for a "lost" phone. If I remember rightly the bloke had left it on a train. He wasn't happy.

Funkyfreddy

drlabman wrote: »

In relation to the Halifax rewards - what if you're a non-taxpayer, but are required to complete a self-assessment? Can you submit the R40 before you submit your tax return?

If your completing a SA then do you need to reclaim via an R40 anyway ?

If your including the Gross £6.25/month Halifax Reward as income on your SA together with showing that Tax of £1.25/month has already been deducted (paid) then any final over or under payment of tax will take into account the tax already deducted by the Halifax and be accounted for in any repayment from or payment to HMRC.

The R40 would seem unnecessary.

FF

drlabman

Funkyfreddy wrote: »

If your completing a SA then do you need to reclaim via an R40 anyway ?

Nah, you're right.

Radsteral

drlabman wrote: »

Just a word of warning regarding the phone insurance. Check the small print. There was a case on the telly last week (can't remember the programme) where the bank wouldn't pay out for a "lost" phone. If I remember rightly the bloke had left it on a train. He wasn't happy.

have read it and it covers ..
strangely its provided by same insurance company that covers for 3mobile phones .. lsg homestyle ..i had it lost last year and although takes about a week to replace, no much fuss