postoffice savings and tax please help
Options
bambi1984
Posts: 44 Forumite
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 thoughtt u didnt get tax b4 £6500 please help
Debt free in January 2011 dont owe a penny to anyone after 8 years in the red :beer:
0
Comments
-
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 thoughtt u didnt get tax b4 £6500 please help0
-
To reclaim tax already paid on interest you require an R40.0
-
its just a single savers account but it sounds right 20% of the interest tax. Ill only be saving max of £6000 for a nice car and pay insurance off in fullDebt free in January 2011 dont owe a penny to anyone after 8 years in the red :beer:0
-
Since you're saving monthly for a specific short-term goal, you could consider a regular savings account which gives a higher interest rate. http://www.moneysavingexpert.com/savings/best-regular-savings-accounts0
-
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 thoughtt u didnt get tax b4 £6500 please help
If you are saving £650 pmonth then you must be earning more than £6500 per year, so you get taxed on savings interest.
And you say in one of your other posts:also rompa do u pay interest even if ur not over the allocated alowence is this just on the interest are the actually balance? or interest earnt !! yeah i am also the basic tax payer
And as a basic rate tax payer, you paid 11p on £1.05 (or maybe £1.16)? You did well then.
It's a wind up, right? Quite funny though!0
This discussion has been closed.
Categories
- All Categories
- 343.6K Banking & Borrowing
- 250.2K Reduce Debt & Boost Income
- 449.9K Spending & Discounts
- 235.8K Work, Benefits & Business
- 608.8K Mortgages, Homes & Bills
- 173.3K Life & Family
- 248.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards