Personal Savings Allowance guide

Dazed_and_C0nfused

taxman1234 said:

Probably been posted on here lots of times but here's the Income Tax Calculator with the interest boxes too.

http://stccalculator.hmrc.gov.uk/UserDetails.aspx

Puts my mind at rest.

But if you read the Glossary you will find that it's an overly complicated calculator that doesn't work how most people would think.

taxman1234

Dazed_and_C0nfused said:

taxman1234 said:

Probably been posted on here lots of times but here's the Income Tax Calculator with the interest boxes too.

http://stccalculator.hmrc.gov.uk/UserDetails.aspx

Puts my mind at rest.

But if you read the Glossary you will find that it's an overly complicated calculator that doesn't work how most people would think.

Yep....the earlier years seem to be a bit all over the place.
23/24 hopefully looks ok.

taxman1234

Dazed_and_C0nfused said:

taxman1234 said:

Probably been posted on here lots of times but here's the Income Tax Calculator with the interest boxes too.

http://stccalculator.hmrc.gov.uk/UserDetails.aspx

Puts my mind at rest.

But if you read the Glossary you will find that it's an overly complicated calculator that doesn't work how most people would think.

Is there another simpler calculator online?

RG2015

Dazed_and_C0nfused said:

taxman1234 said:

Probably been posted on here lots of times but here's the Income Tax Calculator with the interest boxes too.

http://stccalculator.hmrc.gov.uk/UserDetails.aspx

Puts my mind at rest.

But if you read the Glossary you will find that it's an overly complicated calculator that doesn't work how most people would think.

It may appear overly complicated but I find it rather limited. First in makes no mention of the marriage allowance and second it does not include the personal savings allowance. 

If people like @taxman1234 are using it they could be getting significantly flawed results. I am sure that there are much better calculators available. I do believe that the main MSE site has one.

Edit. And here is a link.

https://www.moneysavingexpert.com/tax-calculator/

Dazed_and_C0nfused

RG2015 said:

Dazed_and_C0nfused said:

taxman1234 said:

Probably been posted on here lots of times but here's the Income Tax Calculator with the interest boxes too.

http://stccalculator.hmrc.gov.uk/UserDetails.aspx

Puts my mind at rest.

But if you read the Glossary you will find that it's an overly complicated calculator that doesn't work how most people would think.

It may appear overly complicated but I find it rather limited. First in makes no mention of the marriage allowance and second it does not include the personal savings allowance. 

If people like @taxman1234 are using it they could be getting significantly flawed results. I am sure that there are much better calculators available. I do believe that the main MSE site has one.

Edit. And here is a link.

https://www.moneysavingexpert.com/tax-calculator/

Well it does, just in a bizarre way which most people wouldn't realise.

And even then I very much doubt it gives the correct answer in all scenarios.

RG2015

Dazed_and_C0nfused said:

RG2015 said:

Dazed_and_C0nfused said:

taxman1234 said:

Probably been posted on here lots of times but here's the Income Tax Calculator with the interest boxes too.

http://stccalculator.hmrc.gov.uk/UserDetails.aspx

Puts my mind at rest.

But if you read the Glossary you will find that it's an overly complicated calculator that doesn't work how most people would think.

It may appear overly complicated but I find it rather limited. First in makes no mention of the marriage allowance and second it does not include the personal savings allowance. 

If people like @taxman1234 are using it they could be getting significantly flawed results. I am sure that there are much better calculators available. I do believe that the main MSE site has one.

Edit. And here is a link.

https://www.moneysavingexpert.com/tax-calculator/

Well it does, just in a bizarre way which most people wouldn't realise.

And even then I very much doubt it gives the correct answer in all scenarios.

I have checked again can't see it. I put in £1,000 as interest received and it taxed this at 20% and added £200 into the total tax due. 

Edit. Unless it expects you to put in only the interest received over your PSA. 

Dazed_and_C0nfused

RG2015 said:

Dazed_and_C0nfused said:

RG2015 said:

Dazed_and_C0nfused said:

taxman1234 said:

Probably been posted on here lots of times but here's the Income Tax Calculator with the interest boxes too.

http://stccalculator.hmrc.gov.uk/UserDetails.aspx

Puts my mind at rest.

But if you read the Glossary you will find that it's an overly complicated calculator that doesn't work how most people would think.

It may appear overly complicated but I find it rather limited. First in makes no mention of the marriage allowance and second it does not include the personal savings allowance. 

If people like @taxman1234 are using it they could be getting significantly flawed results. I am sure that there are much better calculators available. I do believe that the main MSE site has one.

Edit. And here is a link.

https://www.moneysavingexpert.com/tax-calculator/

Well it does, just in a bizarre way which most people wouldn't realise.

And even then I very much doubt it gives the correct answer in all scenarios.

I have checked again can't see it. I put in £1,000 as interest received and it taxed this at 20% and added £200 into the total tax due. 

Edit. Unless it expects you to put in only the interest received over your PSA. 

Have a read of the Glossary, bizarre way of doing things.

RG2015

Dazed_and_C0nfused said:

RG2015 said:

Dazed_and_C0nfused said:

RG2015 said:

Dazed_and_C0nfused said:

taxman1234 said:

Probably been posted on here lots of times but here's the Income Tax Calculator with the interest boxes too.

http://stccalculator.hmrc.gov.uk/UserDetails.aspx

Puts my mind at rest.

But if you read the Glossary you will find that it's an overly complicated calculator that doesn't work how most people would think.

It may appear overly complicated but I find it rather limited. First in makes no mention of the marriage allowance and second it does not include the personal savings allowance. 

If people like @taxman1234 are using it they could be getting significantly flawed results. I am sure that there are much better calculators available. I do believe that the main MSE site has one.

Edit. And here is a link.

https://www.moneysavingexpert.com/tax-calculator/

Well it does, just in a bizarre way which most people wouldn't realise.

And even then I very much doubt it gives the correct answer in all scenarios.

I have checked again can't see it. I put in £1,000 as interest received and it taxed this at 20% and added £200 into the total tax due. 

Edit. Unless it expects you to put in only the interest received over your PSA. 

Have a read of the Glossary, bizarre way of doing things.

I see what you mean.

Clearly written by a seasoned HMRC civil servant of the old school.

Sir Humphrey Appleby would be proud!

taxman1234

Yep.....they seem to have allowed for the low income £5000 on top of the personal allowance but then "forgotten" about the £1000 part of it.

Unless I am wrong a person who has no other income can earn £18570 in interest in the 23/24 year without having to pay tax ??

I put that into the HMRC calculator I posted the link to......it hit me with a £200 tax due.
Put in £17570......no tax due. 

daeargwr

For instant access accounts how do they determine when you can access the interest. Assume it's when that interest is paid?

I'm about to close a savings account I opened in November 2023, annual interest account. If I close this week will the interest be attributed to my PSA for 24/25 or does some get apportioned back to 23/24?