Halifax reward current account - free money

anna42hmr

savemoney wrote: »

No the basic one is free I move £1000 in 3 accounts and get £15 per month

Snap, i have been doing this for a while, at last count have made over £260 from doing it!

StephenM_2

If you also get yourself a Halifax Clarity Reward Credit Card and spend £300 a month on it, you can get another fiver a month. And this one is tax free.

adindas

Dear savemoney

Thank you for sharing your valuable info
Unfortunately my personal circumstances does not allow me to have 3 separate accounts in this way. Good luck then all.

ADINDAS

savemoney wrote: »

I have one, OH does and we have a joint a/c maybe you still can do this

pauljoecoe

drlabman wrote: »

My point was that's it's not tax free. You've already had tax deducted before you get it.

Semantics! The £5 is tax free!!! (for standard rate tax payers.)

As for 40% tax payers having to pay the extra - that is presumably up to the account holder to declare it on a tax return? If you don't actually complete tax returns normally how many people would make the effort to do so?

LittleVoice

pauljoecoe wrote: »

(1) Semantics! The £5 is tax free!!! (for standard rate tax payers.)

(2) As for 40% tax payers having to pay the extra - that is presumably up to the account holder to declare it on a tax return? If you don't actually complete tax returns normally how many people would make the effort to do so?

(1) Semantics - I suppose it is. Here it's about what "tax free" means. You might as well say that interest anyone is paid by a bank is tax free if they have already deducted the tax, which is what has happened here.

(2) It's not "up to" the tax payer to declare it. They are required to declare it. Not to do so is tax evasion. HMRC have ways of finding out from the banks too, I believe.

1jim

can you still have a joint account and a single account and get the £5 for each month? I have a couple of old halifax accounts that could do this with if I put a little effort into setting them up

pauljoecoe

LittleVoice wrote: »

(1) Semantics - I suppose it is. Here it's about what "tax free" means. You might as well say that interest anyone is paid by a bank is tax free if they have already deducted the tax, which is what has happened here.

(2) It's not "up to" the tax payer to declare it. They are required to declare it. Not to do so is tax evasion. HMRC have ways of finding out from the banks too, I believe.

My sincerest apologies for not using the correct terminology - i think most people will get the gist of my original post but I in future I suggest you just don't read anything that I post so as not to upset yourself.

Anyway I might not be around much longer - will probably put way at her Majestys* pleasure for tax evasion to the tune of £12!!! (Just in case i haven't calculated thar exactly - somewhere around the £12 mark gve or take 10 quid)

*Hey d'you think Fergie declares her earnings for selling access to Andrew - there's a thought that my be worth investigating.

opinions4u

pauljoecoe wrote: »

My sincerest apologies for not using the correct terminology - i think most people will get the gist of my original post but I in future I suggest you just don't read anything that I post so as not to upset yourself.

The thing is, the clarity of the tax status of these fivers, or any other paymeent from a bank, is important.

If you earn interest that is net of basic rate tax, it isn't tax free.

If you earn interest offshore without tax being deducted, it isn't tax free and tax is still payable.

If you earn interest in an ISA, that is tax free.

In the case of the Halifax Reward account, the fiver has had basic rate tax deducted. 40% and 50% taxpayers should declare this and pay more tax on it. Non-taxpayers are able to reclaim £15 a year per account from HMRC.

While you might feel that using the correct terminology isn't important, many others would like to understand the true tax status of the account.

What you posted was factually incorrect. That could mislead others. It was absolutely right that somebody corrected it.

pauljoecoe

opinions4u wrote: »

What you posted was factually incorrect. That could mislead others. It was absolutely right that somebody corrected it.

I refer the honorable poster to my previous reply

StephenM_2

pauljoecoe wrote: »

Semantics! The £5 is tax free!!! (for standard rate tax payers.)

Even for standard rate taxpayers like me it can be important to know the correct taxable status of income. I have kids at university and have to fill in a form declaring my taxable income for their student finance applications. So the grossed-up value of this £60 goes on it. My income from ISAs doesn't.