Personal Savings Allowance guide

xylophone

Im new and i need some advice, i have a couple of k savings, and i save 25 quid a week and whatever is left at the end of the month, single non home owner, whats the best thing to do with my money? Id like to open a Halifax help to buy isa but i can only put so much in, what to do with the rest? Help please

If you mean that you have only £2000, then you can start the Halifax HTB with £1000 and then add up to £200 by standing order and up £200 monthly by SO thereafter.

You might open a Tesco current account for the rest.

You could credit Tesco with £1000( having started the HTB for £1000 with Halifax), and then drip feed your HTB from Tesco and add your monthly savings to Tesco.

Dird

MSE wrote:

HM Revenue & Customs has confirmed that any tax owing will be paid through changes to your tax code. Some will have seen their tax code is lower than the standard 1100L, as HMRC already expects they will earn more in savings interest than their personal savings allowance covers

How the heck does Big Brother know that?

Eco_Miser

Dird wrote: »

How the heck does Big Brother know that?

The obvious answer is that they declared more than that last year.

Dird

Eco_Miser wrote: »

The obvious answer is that they declared more than that last year.

Oh OK I thought they were sniffing around people's accounts

polymaff

Dird wrote: »

Oh OK I thought they were sniffing around people's accounts

They are, they are.

zolablue25

polymaff wrote: »

They are, they are.

Hopefully not using the same sniffers as at Manchester Airport http://www.bbc.co.uk/news/uk-36041316

atom2266

I opened a savings account in July 2015 that will pay my annual interest on its anniversary, in July 2016. Not sure what will happen to the tax on this. Is anyone in a similar situation, or does it vary between banks? Will my interest be paid gross for the whole year, or just from April 6th 2016?

polymaff

atom2266 wrote: »

I opened a savings account in July 2015 that will pay my annual interest on its anniversary, in July 2016. Not sure what will happen to the tax on this. Is anyone in a similar situation, or does it vary between banks? Will my interest be paid gross for the whole year, or just from April 6th 2016?

All interest payments on and from 6th April 2016 should be paid gross, irrespective of the interest-bearing date range

LXdaddy

atom2266 wrote: »

I opened a savings account in July 2015 that will pay my annual interest on its anniversary, in July 2016. Not sure what will happen to the tax on this. Is anyone in a similar situation, or does it vary between banks? Will my interest be paid gross for the whole year, or just from April 6th 2016?

Many similar questions have been answered.


The key date is when is the interest PAID, not when is it EARNED.


It will be paid GROSS

TomJ

I've been speculating about the effect of pension contributions on the withdrawal of the PSA as you move up the tax bands over on the Pensions board. To avoid duplicating discussion, if you are interested you can see my speculation and any replies by following this finely crafted link.