Travelling On

Karmacat

A bit of forethought is needed for next year
£9339.20 per annum: approx figure for when state pension will be £179.60 per week.
£2966  current UK tax form shows this as my profit from the French apartment.
£12,305 is the total of these two figures.  
£12,500 is the current Personal Allowance.  

Hmmm.  I need to make sure I use my ISA allowance this year!  £20k.  Next year looks like the same.   I actually should use those, though the current miserable rates of interest are unlikely to tip me over, even two years ago I was getting about £300 year max from all of it.  Now that I have the state pension, I don't need as much access to my money.  And I can put more than I planned into premium bonds.

Talk about gratitude!  I'm very grateful that this is the sort of financial problem I have.

badmemory

Have you checked what figure HMRC have for your interest, they are supposed to be told by the banks but mine has never been right.  If yours is much out (higher than actual figure) it may be worth a call before you actually file to adjust their expectations.

Karmacat

I'm a bit confused there, badmemory - they've never told me what interest I've earned (and I've been filing these since about 1987, though you'd never know it from my behaviour  ) I wouldn't call HMRC right now unless it was more or less a matter of life and death - even before covid, a wait of 45 mins was quite ordinary at this time of year (sometimes it *was* a matter of life and death  ).  My interest bearing, non ISA accounts are all now listed in my little spreadsheet entitled "My net worth and where it is" catchy, hey?

I went out for a walk after posting a couple of birthday cards - such a thin crescent moon!  Gorgeous.

Karmacat

Ahem ... I've been doing the listing for my interest bearing accounts that aren't ISAs (you don't have to declare ISAs).  All is going well, except that a matured bond with the post office has somehow ended up in two accounts, neither of which are the bond ... hey ho, the money's safe, but it desperately needs shifting, its currently earning 0.01% p.a.  That can go to an ISA when I've finished faffing.

I really came back online to celebrate: after all the expectation (for me) of finally getting my state pension, I let the day of the first credit pass completely unremarked - it was last Tuesday!  Woo hoo!  All this looking after the money really works, then?  Nice.  Off to bed now, nightie night.

greenbee

Congrats (I guess...) on the state pension! My bank interest tends to add up to about 32p/year... 

Karmacat

greenbee said:

Congrats (I guess...) on the state pension!
It's a slightly mad thing to celebrate, isn't it  
My bank interest tends to add up to about 32p/year... 

The savings I managed to accumulate always surprise me, it's why I'm steering a bit near to the wind with the £1,000 limit.  When I was earning really well, I was working from home, and I found out the hard way that you can't have work done on your house (or garden) when you're working at home as a psychotherapist.  25 contact hours and as many again background work.  But it's a very good thing, if I hadn't had them when I needed to retire with ill-health 4 years before my pension, I'd really have been in trouble.

Not in trouble now though
**doobie doobie doo**
**singing fades out as KC tootles off to bed**

badmemory

Karmacat said:

 My interest bearing, non ISA accounts are all now listed in my little spreadsheet entitled "My net worth and where it is" catchy, hey?

I have a box file with a similar name, but it includes such thrilling items as where to get my will from & who my funeral is paid for with. Title "what to do if I am unable to do it myself"

The banks are supposed to notify HMRC of any interest earned on non-ISA accounts, the figure they have is supposed to tally with what you file, mine never has.  Your online account should have the figures & I believe that your SA should automatically state what they are.  Make sure you don't just accept their figure, many do.  I always worry about accepting their figures & it coming back to bite me in the future.

Cheery_Daff

Ooh, happy pension KC! I think that's a perfectly acceptable thing to celebrate and I fully intend to celebrate when I get mine in approximately a million years

rtandon27

Happy Pension Day KC!
***Leaves a plate of sticky buns & pops on the kettle for the virtual celebration***

greent

Whoop! It's finally here (well, been and gone!) - I definitely feel that the 1st payment should have merited a celebration after all this time 🎉🎉 x