postoffice savings and tax please help

bambi1984

right im new to savings ive started saving 650 a month started october 25 and only got 650 in it got a credit of 1.05 and a tax deduct of 11p im not bothred withit being 11p but ius this what hell be like all time taxing me on the intreset or the acutually savings? i thouhgt u dint get tax b4 6500 k please help :rotfl:

Baldur

See my reply HERE - it's not a good idea to double-post, just confuses everyone.

McKneff

First of all, please don't text speak, it makes it very difficult to read,
people stop reading if its hard work so you get no help.

Are you a taxpayer, if not you have to sign an R85 form to stop them taking tax from your interest.

If you are a tax payer, then look at ISA savings, you can deposit up to £5,100 per tax year and not pay tax on the interest.

Tax, unfortunately, my friend is a way of life for all of us.

What rate of interest are you getting at the post office.

bambi1984

im sorry for double posting my mistake cos it was in the wrong one also mckneff intrest is 2.9 percent a month then 3.9 as a yearly bonus on the total ammount thank u for all ur help

Baldur

bambi1984 wrote: »

im sorry for double posting my mistake cos it was in the wrong one also mckneff intrest is 2.9 percent a month then 3.9 as a yearly bonus on the total ammount thank u for all ur help

If you do qualify for gross interest, the PO Terms & Conditions tell you how to register - ftp://ftp.royalmail.com/Downloads/public//ctf/po/Online_Saver_Key_Info_v3.pdf

To register for gross interest, please log-in to your account:• Under ‘Savings Account Management’ select ‘Other’ • Select ‘Change Tax Liability’, read the help-sheet and declaration provided and follow the on-screen instructions.If you hold multiple accounts you must register each account for gross interest separately using the process above.

<Edit> I think that you have misread the interest, the 2.9% AER INCLUDES the annual bonus, you won't receive any additional bonus.

McKneff

Edit> I think that you have misread the interest, the 2.9% AER INCLUDES the annual bonus, you won't receive any additional bonus.

Please note Baldurs edit re your interest.

bambi1984

thank u for ur help i now know regarding the intrest rate as you can tell im new to saving :beer: