General questions on Tax

Johnbyrne888

Johnbyrne888 wrote: »

Many thanks for all the links and info, it's a bit manic at my new company with no one really offering advice, I guess they assume I know everything, also the payroll dept seem very inexperienced

Pension will be my next topic can't wait to reach 55 (3 years) have a bought pot to grab 25% hopefully 😀

Johnbyrne888

I guess you are correct, this is all pretty new to me as was in last company for twenty years, so I'm trying to get to grips with new role and after 3 months have done that and now looking at the fianances, the main priority for me was to leave old job as it was dreadful

The money is great, but after tax and surporting family I don't feel rich...

sheramber

Either put all the child benefit you receive into a separate bank account to repay it when required on opt out of receiving it by contacting the child benefit office.

If your wife needs the NI contributions credits that can till be done without receiving the payment..

Johnbyrne888

Yes I think my wife will save half and I'm going to save half

BoGoF

Just in case it's relevant (and this will depend on the level of your savings), as a higher rate taxpayer you only have £500 personal savings allowance as opposed to the £1000 for basic rate. If you expect to receive interest from savings of more than £500 you may want to consider having it all in wifes name.

Dazed_and_confused

As child benefit is involved any taxable interest will potentially result in additional child benefit being repayable.

In the example BoGoF gives you would have no tax to pay on the interest of £500 but your child benefit charge would increase because you have £500 additional taxable income.