Elite 11+ shopping and chat thread

Snap-ant

Just a quickie, whilst upstairs having a 5 minute breather.

All gone well, poured down when toast was made in garden with the Lidl Prosecco :eek:

Dad doing extremely well :T

tbw

mhoc wrote: »

so does this mean that you get your savings interest tax free allowance of £1000 (or £500 if you are higher rate tax payer)

plus if your dividends are below £5000 - most of us - you get your dividends tax free and the nominal 20% won't be taken off at source (so actually a 20% increase)

I've now read several similar articles through a couple of times and, so far as I can see, the divi and savings interest are done separately - which would APPEAR to mean exactly that ! I just cannot believe that the tax lot are being quite so generous !

I've not attempted to keep spreadsheets but, as, up until this year I was classed as SE cos I was doing a bit of mystery shopping work, I have completed an online tax return each year and have entered all my divi and savings interest along with my MS stuff , pension an state retirement payments. Seeing as the divi and saving interest were all taxed before I got them and for years I have made a small loss on my MS work due to mileage and expenses incurred, and my pension was also correctly taxed I could never understand why the tax office always said I had underpaid and wanted a few extra £'s off me. It was totally impossible to get hold of anyone on the phone and, as it was very little, I just paid up.

For the 2015/16 return I declared that I had stopped MS work and got them to take me off the SE register. Even though all my pension, savings interest, divi etc were almost unchanged they (quite unexpectedly) sent me a refund of around £70 ! Haven't a clue how they calculated that - but I banked the cheque quickly before they changed their mind.

I just don't trust them to work it all out for the future and I can't get my head around how I will be able to cheque that they haven't made one of their frequent boobs. I don't want to overpay but neither do I want to get an unexpected tax demand after the event.

rhosynbach

Snap-ant wrote: »

Just a quickie, whilst upstairs having a 5 minute breather.

All gone well, poured down when toast was made in garden with the Lidl Prosecco :eek:

Dad doing extremely well :T

So pleased it's all going well snap Must mean a lot to your parents having you all there. Xx

mhoc

Sunshinemummy wrote: »

I read it as if your dividend (and assuming whole income) is below the basic tax rate you don't pay tax.

But given this is the tax man.... I think they will interpret the rules in different ways, I think mhoc is right to keep all records up to date.

so every £1000 in dividend then should have £200 tax to be paid - it used to be 20% taxed at source and then the additional 5% through the tax code or another 20% if you were a higher earner

I can't believe HMRC is now not interested in this £200

perhaps their thinking is now that the savings interest rates are low people will instead put money into buying shares knowing that they could buy maybe up to £100k of shares which might produce less than £5k in dividend and then pay no tax on this.
so the surge of share buying will get the economy going again

rhosynbach

Happy birthday Rockingham hope your having a fab day.

Oh been out with vet today. Says he has a story worthy of James Herriot laterwhen home

Boys borrowed oh car to collect. 9 sacks oats . they did say they would go into town and get chippy tea. But not holding my breathe, they went out the door bickering about who would go in. . :rotfl:

emerald21

bubbs wrote: »

No , no pain thank goodness:T the broken bit is still attached:eek: but am grateful for that front side but it is hard to eat, got to ring 8.30 monday hope they dont have to take it out and leave me with no tooth till after my holiday:eek: thought of that today:o

You d look a cracker then bubbs eh lol

Sunshinemummy

Westvleteren wrote: »

Thanks to 10 ways :beer:

Free tub Oppo ice cream Mint Choc or Salted Caramel 500ml



http://www.oppoicecream.co.uk/storefinder/

Think this is the one on Shopmum :cool:

Think I've stretched the page can't find a better link....

You'll just have to go to 10 ways fb page for the link. its a PDF

Thanks Westvleteren x

mhoc wrote: »

so every £1000 in dividend then should have £200 tax to be paid - it used to be 20% taxed at source and then the additional 5% through the tax code or another 20% if you were a higher earner

I can't believe HMRC is now not interested in this £200

perhaps their thinking is now that the savings interest rates are low people will instead put money into buying shares knowing that they could buy maybe up to £100k of shares which might produce less than £5 in dividend and then pay no tax on this.
so the surge of share buying will get the economy going again

Please don't take my figuring out as factual, I am usually wrong!

But I do hope it works out better for us all x

mhoc

how have you managed without spread sheets - it's the only way I have any clue as to what is going on

I suppose your pensions have yearly statements so that's an easy figure to put in the tax return and your building society has an annual statement

your personal tax allowance would have been applied to your MS work

savings were taxed at the right amount but your dividend would have only be taxed at 20% though so that is where the demand for underpayment came from - you needed to pay the extra 5%

I also don't trust HMRC to make the right calculations

now that the age for state pensions has risen so much I think many people will have very complicated finances now - small amount of works pensions from more than one company,part time employment, small amount of income from their own businesses plus small ammount of savings and/ or shares - maybe even benefits as well

tbw wrote: »

I've now read several similar articles through a couple of times and, so far as I can see, the divi and savings interest are done separately - which would APPEAR to mean exactly that ! I just cannot believe that the tax lot are being quite so generous !

I've not attempted to keep spreadsheets but, as, up until this year I was classed as SE cos I was doing a bit of mystery shopping work, I have completed an online tax return each year and have entered all my divi and savings interest along with my MS stuff , pension an state retirement payments. Seeing as the divi and saving interest were all taxed before I got them and for years I have made a small loss on my MS work due to mileage and expenses incurred, and my pension was also correctly taxed I could never understand why the tax office always said I had underpaid and wanted a few extra £'s off me. It was totally impossible to get hold of anyone on the phone and, as it was very little, I just paid up.

For the 2015/16 return I declared that I had stopped MS work and got them to take me off the SE register. Even though all my pension, savings interest, divi etc were almost unchanged they (quite unexpectedly) sent me a refund of around £70 ! Haven't a clue how they calculated that - but I banked the cheque quickly before they changed their mind.

I just don't trust them to work it all out for the future and I can't get my head around how I will be able to cheque that they haven't made one of their frequent boobs. I don't want to overpay but neither do I want to get an unexpected tax demand after the event.

emerald21

mhoc wrote: »

how have you managed without spread sheets - it's the only way I have any clue as to what is going on

I suppose your pensions have yearly statements so that's an easy figure to put in the tax return and your building society has an annual statement

your personal tax allowance would have been applied to your MS work

savings were taxed at the right amount but your dividend would have only be taxed at 20% though so that is where the demand for underpayment came from - you needed to pay the extra 5%

I also don't trust HMRC to make the right calculations

now that the age for state pensions has risen so much I think many people will have very complicated finances now - small amount of works pensions from more than one company,part time employment, small amount of income from their own businesses plus small ammount of savings and/ or shares - maybe even benefits as well

Happy Birthday Rockingham hope you ve had a good day

cjj_2

Happy Birthday Rockingham xx