Regular Savings Account - help please

YorkshireBoy

M0ney wrote: »

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?

Why not avail yourself of the excellent work done by Yorkie1 in post #2 and work it out yourself?

M0ney

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...

YorkshireBoy

M0ney wrote: »

I had a go myself £156 gross £124.80 after 20% tax deducted?

£3,600 x 8% / 12 x 6.5 x 0.8 = £124.80

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...

FD won't take the extra tax off. That's done by HMRC via your tax return.

M0ney

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?

Archi_Bald

M0ney wrote: »

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.htm

bigadaj

M0ney wrote: »

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.

M0ney

Thanks for the feedback guys, I appreciate it.

kidmugsy

M0ney wrote: »

Thanks for the feedback guys, I appreciate it.

Ach, don't pay 40% tax - make a wee pension contribution to avoid it. (Or are you already contributing enough to avoid it?)

M0ney

I just got £124.99net today.