We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
The Forum is currently experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Made 2.5k in 15 minutes

Daichip
Posts: 11 Forumite
I went to Barlays yesterday to see to my finances.
My sons account, in my wifes name had been changed by BArclays from a 5% account to .1% because he had reached 18. (Without my knowledge)
I opened a 5 years fixed bond account for him @ 5.25%. Which would equate to 1k over that period.
I then looked at my offset account. I have 3k left on my mortgage and have 10k in the offset account. So I took 6k and also set up another 5 year bond @ 5.25% (1500) I also found out that I have not reclimed the tax from my sons account for the past 3 years as my wife and I are foster carers and dont pay tax. Therefore I complete a R85 for my sons account and for both the Bond accounts.
This coming week I will be opening a 5% account with Halifax for both of us over 12 month period at 500 pound each per month. Again filling in a R85 form.
Can people tell me if there is a limit how much tax on interest I am allowed.
Also as we are non tax payers and we have 110k on our offset mortgage we can spend at 1.45% could we not draw that out and use it to invest?
Daichip
My sons account, in my wifes name had been changed by BArclays from a 5% account to .1% because he had reached 18. (Without my knowledge)
I opened a 5 years fixed bond account for him @ 5.25%. Which would equate to 1k over that period.
I then looked at my offset account. I have 3k left on my mortgage and have 10k in the offset account. So I took 6k and also set up another 5 year bond @ 5.25% (1500) I also found out that I have not reclimed the tax from my sons account for the past 3 years as my wife and I are foster carers and dont pay tax. Therefore I complete a R85 for my sons account and for both the Bond accounts.
This coming week I will be opening a 5% account with Halifax for both of us over 12 month period at 500 pound each per month. Again filling in a R85 form.
Can people tell me if there is a limit how much tax on interest I am allowed.
Also as we are non tax payers and we have 110k on our offset mortgage we can spend at 1.45% could we not draw that out and use it to invest?
Daichip
0
Comments
-
As far as I know, interest on savings counts towards your personal allowance before tax becomes due.
http://www.hmrc.gov.uk/calcs/r85/ for a calculator to work out your tax on savings.
http://www.hmrc.gov.uk/incometax/personal-allow.htm for your personal allowance.
From the above, I'd suggest your personal allowance may be £6475 per annum, which when divided by 12 = £539.58 per month.0 -
Surely this thread should be titled "Made £2.5K in five years".illegitimi non carborundum0
-
-
thank you for the useful information, arthurian!0
-
Your son reached 18 without your knowledge!!!!!:rotfl:
Seriously thats an amazing story that just shows we should all be regularly checking our accounts.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.5K Banking & Borrowing
- 252.9K Reduce Debt & Boost Income
- 453.3K Spending & Discounts
- 243.5K Work, Benefits & Business
- 598.1K Mortgages, Homes & Bills
- 176.7K Life & Family
- 256.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards