Personal Savings Allowance guide

polymaff

Harrhy wrote: »

I am . . .

I understand your original point - but you aren't going to get the current regime changed as:

1. You are in such a tiny minority, and,

2. You may get exactly what you are asking for when MTD is up and running.

So keep your fingers crossed.

Harrhy

I know what you mean but I have never had to fill in a tax form and at 67 do not wish to do so in order to be able to claim back £200 in overpaid tax, which is what the current savings allowance amounts to at the standard rate of tax. I would happily pay £200 to stop the Inland Revenue messing around with the tax code on my pensions which are not very large to begin with.

Harrhy

2. You may get exactly what you are asking for when MTD is up and running.

Polymaff, What is MTD?

masonic

Harrhy wrote: »

I know what you mean but I have never had to fill in a tax form and at 67 do not wish to do so in order to be able to claim back £200 in overpaid tax, which is what the current savings allowance amounts to at the standard rate of tax. I would happily pay £200 to stop the Inland Revenue messing around with the tax code on my pensions which are not very large to begin with.

At present, the only way to avoid your tax code being messed around with is to self assess and settle your tax bill outside of PAYE.

Harrhy wrote: »

What is MTD?

Manking Tax Digital

Harrhy

This is what I have done this year although my total did not agree with HMRC's and I am knee deep in tax calculations for the first time.
I just want it to be simple as it used to be.

polymaff

Harrhy wrote: »

2. You may get exactly what you are asking for when MTD is up and running.

Polymaff, What is MTD?

MTD, Making Tax Digital, is meant to be something of a revolution within HMRC, who themselves have luridly tagged it as meaning "The Death of the Annual Tax Return". Basically, HMRC thinks that it can do without your input, collecting all details of your income itself "in real time" and, hopefully, billing you in real time. Announcements such as - paraphased - "Our research has shown that many taxpayers would welcome the opportunity to pay their tax earlier" have been met with the same sort of general disbelief as Mrs. Thatcher's "Many will welcome the opportunity to pay for their eye tests" was back in the eighties.

But for you, it might be exactly what you want - everything done in a PAYE manner - maybe totally automated by Direct Debit.

A word of warning - this is a government I.T. project - and you know what that means.

Bill Gates dies and goes to heaven. Gabriel opens the gate and the late Mr. Gates falls straight into a fiery pit. Gabriel yells after him "Sorry, this is the beta version of Heaven"

polymaff

masonic wrote: »

Manking Tax Digital

A pretty manky reply.

masonic

polymaff wrote: »

A pretty manky reply.

:rotfl: what a Freudian slip!

Harrhy

Thank you for the explanation about MTD. Indeed it does sound as though it would answer my question and solve my problem.
I know the history of government IT projects makes for a dismal read but I will cross my fingers and hope that they manage to succeed with this.
Yes, I would like to pay my bills on time. Then I can fritter away what is left knowing no one else can have a claim to it.

polymaff

Just don't hold your breath.