NS & I 3.95% bond

littlereddevil

The only problem I have with this bond as a non-taxpayer is that the interest is taxed at source then I have to claim back from the inland revenue.
With a building society I just sign a form and my interest is paid to me gross.

juicyjude

littlereddevil, that is also my problem, too much hassle tbh I think. My experience of the inland revenue is that if you owe them money they are hot on your heels, if they owe you money it takes months of waiting, form filling, and agro. Just cant be bothered with that.

RayWolfe

Not true in my experience.

D1zzy

juicyjude wrote: »

littlereddevil, that is also my problem, too much hassle tbh I think. My experience of the inland revenue is that if you owe them money they are hot on your heels, if they owe you money it takes months of waiting, form filling, and agro. Just cant be bothered with that.

I overpayed last year - completed a tax return on line on Sunday and the repayment was in my bank account on the following Thursday

If you don't do a tax return, I think there is just a simple form (R40?) to complete to claim back

beardiedog

I overpaid in July and I'm still waiting for a refund :mad:

donglemouse

D1zzy wrote: »

I overpayed last year - completed a tax return on line on Sunday and the repayment was in my bank account on the following Thursday

If you don't do a tax return, I think there is just a simple form (R40?) to complete to claim back

the experience is clearly variable, i know someone this year who was waiting seven months before a refund from an R40 was paid

they got a letter after about a month confirming the amount they were due to be repaid was agreed, but for IR to actually issue a cheque thereafter took six months

soulsaver

tonytsdiver wrote: »

Can anyone let me know how long it takes the NS&I to cash a cheque ? Having funds in a current account waiting for a funding cheque to be cashed could make you a little vulnerable if those funds were over the FSA 50 k limit for instance !

1 working day in my case... nearly got caught out: Posted cheque Saturday morning. The debit hit my account Tuesday morning
Good job I remonstarted with Haliflax about them taking 48hrs to tranny from my savings ac to my current ac or it would have bounced. Halifax's comment:
'Online, significant transfers could take upto 48hrs. But if you phone the request through, it's max 2 hrs...'

dzug1

I suspect NSI do an expedited clearance on large cheques - certainly one I wrote to them some months ago was cleared well before I thought it would be. (the money was there anyway so no problem)

I doubt if they bother on £500 though

MattieCat

I was very interested in the NS&I 3.95% rate for a one year bond. However, I was put off because you cannot get the interest paid gross, eg if you are a lower or no income tax payer.
Interestingly, even though both NS&I and HMRC are government bodies, the NS&I is not in the R85 scheme! So you have to wait until you get the (net) interest and then as HMRC for the difference. Who knows how long that will take.
I decided to go for the Post Office instead!

juicyjude

I think it will put a lot of non tax payers off due to red tape and form filling! Bear in mind though that the post office comes under the Irish scheme not the UK fscs Martin states.