Tax Question

Woggle

Hiya,

I've got a quick question if that's ok. I'm a higher rate tax payer and my wife is a low rate tax payer. Am I right in saying that if we put accounts in her name then we automatically won't pay tax on interest? We've got a couple of child investment funds in her name but I'm not sure I've ever told them she's a basic rate tax payer. Presumably I need to tell them?

Presumably ISA's / Child Trust Fund don't matter because you don't pay tax anyway. Is there any benefit in doing this for current accounts?

CLAPTON

if your wife earns more than 8105 per annum and less than 42,745 then she will pay tax on interest from savings at 20%

is that what you mean?

so if all your savings interest is in her name then she will only pay 20% tax whilst if it is your name you will be liable to 40% tax

jem16

Woggle wrote: »

Am I right in saying that if we put accounts in her name then we automatically won't pay tax on interest?

No banks automatically take 20% tax off all interest payments unless you complete an R85 form to say you are a non-taxpayer.

kidmugsy

jem16 wrote: »

No banks automatically take 20% tax off all interest payments unless you complete an R85 form to say you are a non-taxpayer.

I think Jem16 means "No: banks automatically take 20% tax off all interest payments unless you complete an R85 form to say you are a non-taxpayer."


Aren't typos so-and-sos?

middlepuss

kidmugsy wrote: »

I think Jem16 means "No: banks automatically take 20% tax off all interest payments unless you complete an R85 form to say you are a non-taxpayer."


Aren't typos so-and-sos?

Ah, the power of punctuation.

jem16

kidmugsy wrote: »

I think Jem16 means "No: banks automatically take 20% tax off all interest payments unless you complete an R85 form to say you are a non-taxpayer."


Aren't typos so-and-sos?

Yes I do. Should have read it afterwards.

middlepuss wrote: »

Ah, the power of punctuation.

Especially when I'm writing at the moment about the lack of punctuation and non-checking of written work in my class' reports!

I think I've failed too.

CLAPTON

jem16 wrote: »

Yes I do. Should have read it afterwards.



Especially when I'm writing at the moment about the lack of punctuation and non-checking of written work in my class' reports!

I think I've failed too.

worrying: I read it as you intended, but then I failed English!

xylophone

my class' reports!

http://www.grammarbook.com/punctuation/apostro.asp

My class's reports? (The reports you are writing for one class?)
My classes' reports? (The reports you are writing for several classes?);)

CLAPTON

xylophone wrote: »

http://www.grammarbook.com/punctuation/apostro.asp

My class's reports? (The reports you are writing for one class?)
My classes' reports? (The reports you are writing for several classes?);)

Is that simply preferred or required?

xylophone

I'd say required.

middlepuss

xylophone wrote: »

http://www.grammarbook.com/punctuation/apostro.asp

My class's reports? (The reports you are writing for one class?)
My classes' reports? (The reports you are writing for several classes?);)

Or even simply class reports?

Class reports suggests reports written by the teacher about her class or classes: "I've got loads of class reports to write".

Class's reports suggests reports written by members of a class: "My class's reports are full of apostrophic errors".

Classes' reports suggests reports written by members of many classes: "I look after three classes and my classes' reports are the best punctuated in the whole school".

Yes? No?