The Top Fixed Interest Savings Discussion Area

trickydicky14

Thumbs_Up said:

Oh my lord…

Have I read that correctly, you have up to 60 days to fund these accounts via Raisin?

Gollygumdrops

And I certainly would consider myself a ‘low earner’ as I don’t earn a bean in salary -stopped working to have kids and have remained a housewife since.  Hubby earns too much for us to get any benefits too (and pays enough tax!)  so I think I am safe for the time being.  
Thanks for your replies.  I had hoped that I wouldn’t be liable for tax but you never know what the government have changed whilst I haven’t been ‘employed’.  
Thanks too for your link - that has proved very insightful in my circumstances. 

SJMALBA

Charter up again:

1 Year - 4.85%
2 Year - 4.9%

5k min.

https://www.chartersavingsbank.co.uk/Products/FixedRateBond

Gollygumdrops

SJMALBA said:

Charter up again:

1 Year - 4.85%
2 Year - 4.9%

5k min.

https://www.chartersavingsbank.co.uk/Products/FixedRateBond

This is like pulling teeth.  Bit by bit, day by day
We just need one good bank/building society to put out a 5% interest and we will jump at it.  
At this rate of (.01) increase we shan’t achieve that for months! 😄
But thanks for the update!

alternate

Gollygumdrops said:

Thank you refluxer. 
I wasn’t aware of that (as interest rates have been so low over the past decade I was nowhere near any tax bracket!)
So does registering for Self Assessment mean I will have to pay tax or that the Tax Office just want to have me on file?
I just thought that I needed to earn the basic income of £12,570 before I paid any tax?  How can they then say that if you earn under that at £10k you may still pay tax? 

If you earn over 10k in interest you fill out the return.

If you earn more than 10k but less than your tax free allowance then you tell them how much interest and pay nothing.

If your interest is over the personal allowance, you tell them how much your have earned and pay tax on the amount over the allowance.

Gollygumdrops

Thanks alternate.  
According to this link refluxer just posted I do not have to pay tax if my interest is over the personal allowance of £12,570 plus other allowances making my personal allowance £18,570 before tax.
https://www.moneysavingexpert.com/savings/tax-free-savings/?_ga=2.51282025.1360735328.1683216614-1005576734.1683216614

JGB1955

Gollygumdrops said:

Thanks alternate.  
According to this link refluxer just posted I do not have to pay tax if my interest is over the personal allowance of £12,570 plus other allowances making my personal allowance £18,570 before tax.
https://www.moneysavingexpert.com/savings/tax-free-savings/?_ga=2.51282025.1360735328.1683216614-1005576734.1683216614

Correct!!  (But you will still have to declare it on a tax return).

Gollygumdrops

JGB1955 said:

Gollygumdrops said:

Thanks alternate.  
According to this link refluxer just posted I do not have to pay tax if my interest is over the personal allowance of £12,570 plus other allowances making my personal allowance £18,570 before tax.
https://www.moneysavingexpert.com/savings/tax-free-savings/?_ga=2.51282025.1360735328.1683216614-1005576734.1683216614

Correct!!  (But you will still have to declare it on a tax return).

Really?   I have spoken to the Tax Office several times in the past and no-one has ever told me that?
So every single adult in the UK, regardless of earnings or not, has to fill in a tax return? 

Beddie

Gollygumdrops said:

JGB1955 said:

Gollygumdrops said:

Thanks alternate.  
According to this link refluxer just posted I do not have to pay tax if my interest is over the personal allowance of £12,570 plus other allowances making my personal allowance £18,570 before tax.
https://www.moneysavingexpert.com/savings/tax-free-savings/?_ga=2.51282025.1360735328.1683216614-1005576734.1683216614

Correct!!  (But you will still have to declare it on a tax return).

Really?   I have spoken to the Tax Office several times in the past and no-one has ever told me that?
So every single adult in the UK, regardless of earnings or not, has to fill in a tax return? 

No. You have to register for self assessment if you receive over £10k in interest, amongst other things.

A good list here:

https://taxaid.org.uk/guides/information/a-simple-guide-to-common-tax-problems/do-i-need-to-complete-a-self-assessment-tax-return

Gollygumdrops

Thanks for link Beddie.  If I get 10K in interest I need to register for self assessment.  
I assume, as I said above,  that this is just to keep me on file as I surely would not need to pay tax on say £10,500 interest if I can work for £12,570 and not pay any?