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Regular Savings Account - help please
Comments
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Why not avail yourself of the excellent work done by Yorkie1 in post #2 and work it out yourself?I have exactly the same account my last payment will be taken on December 28th and matures on January 28th. I've paid in £300 every month, anyone mind working out how much I should expect?0 -
I had a go myself £156 gross £124.80 after 20% tax deducted? Also, how do I know if I should pay 40% tax or not? My minimum salary is £40,160 but there is overtime through the year too so I will make more than this...0
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£3,600 x 8% / 12 x 6.5 x 0.8 = £124.80I had a go myself £156 gross £124.80 after 20% tax deducted?
FD won't take the extra tax off. That's done by HMRC via your tax return.Also, how do I know if I should pay 40% tax or not? My minimum salary is £40,160 but there is overtime through the year too so I will make more than this...0 -
YorkshireBoy wrote: »£3,600 x 8% / 12 x 6.5 x 0.8 = £124.80FD won't take the extra tax off. That's done by HMRC via your tax return.
I wondered about that, I've never done a tax return. Is it something I need to do when your earnings are above the 40% threshold?0 -
I wondered about that, I've never done a tax return. Is it something I need to do when your earnings are above the 40% threshold?
http://www.hmrc.gov.uk/sa/need-tax-return.htm0 -
I wondered about that, I've never done a tax return. Is it something I need to do when your earnings are above the 40% threshold?
If it's only savings income then you can or ally just report this and they will adjust your tax code, normally no need to fill out a full tax return or make a specific payment unless you want to.0 -
Thanks for the feedback guys, I appreciate it.0
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I just got £124.99net today.
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