What would you do with £400 a month?

MickMack

how can you be under the tax free bracket if your currently employed, and you have an additional ~£4800 undeclared income?

Spiggle

Lube wrote: »

Post 6 by second income is :spam:

Definitely, is promoting the latest a la mode ponzi scheme.

Don't touch it!

All the best,
Spigs

Wulge

Open a First Direct current account + its regular saver. You can then put £300 a month into that @ 8%. The remaining £100 could then be put into an ISA each month.

Toldfield

MickMack wrote: »

how can you be under the tax free bracket if your currently employed, and you have an additional ~£4800 undeclared income?

Sorry I have declared my income, slip up.

Toldfield

Wulge wrote: »

Open a First Direct current account + its regular saver. You can then put £300 a month into that @ 8%. The remaining £100 could then be put into an ISA each month.

looking into it, thanks!

xylophone

http://www.direct.gov.uk/en/moneytaxandbenefits/taxes/taxonpropertyandrentalincome/dg_4017814 might be of help.

Glen_Clark

Toldfield wrote: »

Sorry I have declared my income, slip up.

Doesn't sound very convincing. Very easy for them to check and prove, any number of people to point them in your direction. So I would declare it before its too late (even though I loath giving this rotten Government my money.)

BettySpofkins

Guys, I don't think Toldfield is looking for tax advice.

I would second the suggestion to look at First Direct's Regular Saver. You do need their current account, but play your cards (sorry, pun) right and you can get £100 for switching, or otherwise just do the minimum to keep it open.

Next up is look at your cash ISA allowance. If you haven't used that up this year it is well worth doing so. Rates aren't great, but it's tax free so worth shopping around. If you can fix for three years or so, even better.

If that's all in order, maybe have a look at using your S&S ISA, for example by buying into a cheap index tracker through something like TD Direct's regular investment ISA. That's a long term investment, but returns should beat anything you can get from a bank account.

Then, if you've anything left, buy me a pizza

Toldfield

BettySpofkins wrote: »

Guys, I don't think Toldfield is looking for tax advice.

I would second the suggestion to look at First Direct's Regular Saver. You do need their current account, but play your cards (sorry, pun) right and you can get £100 for switching, or otherwise just do the minimum to keep it open.

Next up is look at your cash ISA allowance. If you haven't used that up this year it is well worth doing so. Rates aren't great, but it's tax free so worth shopping around. If you can fix for three years or so, even better.

If that's all in order, maybe have a look at using your S&S ISA, for example by buying into a cheap index tracker through something like TD Direct's regular investment ISA. That's a long term investment, but returns should beat anything you can get from a bank account.

Then, if you've anything left, buy me a pizza

Awesome post, thank you!!

xylophone

Guys, I don't think Toldfield is looking for tax advice.

Possibly not, but he might be if he had forgotten to declare his rental income and HMRC came calling.....