Tax on savings

2010

Normal starter rate is £5k but what is it if you`ve got the marraige allowance?

xylophone

a call centre grunt worker 

Insulting and patronising?

RG2015

xylophone said:

a call centre grunt worker 

Insulting and patronising?

I think it refers to the nature of the work rather than a disparaging comment on the staff.

Per Google / Investopedia.

Grunt work is an expression used to describe thankless and menial work. Grunt work can also refer to jobs that either lack glamour and prestige or are boring and repetitive

eskbanker

xylophone said:

Doesn't seem surprising to me that a call centre employee engaged to deal with current account issues won't be an expert on the ins and outs of taxation (which form no part of his remit and responsibility)!

 Hang on! 

Do you need to be a tax expert to have heard of the starter rate for savings and the personal savings allowance?

That seems much like saying that you need to be a tax expert to understand the personal allowance?

There's such a thing as general knowledge or even  availing oneself of that esoteric tool known as Google?

https://www.gov.uk/apply-tax-free-interest-on-savings

Or are you making the assumption that if somebody works in a call centre he/she must necessarily lack general knowledge?

It seems that my use of the word 'expert' has been taken out of context, and this has deflected away from the point I was making!

The starter rate for savings is a niche concession applicable to a tiny minority of UK taxpayers, i.e. those with low earnings but sufficient taxable savings to exceed the (much better-known) personal savings allowance (ignoring the order in which they're actually applied), so yes, information is freely available about it, but the point is that there's no reason to be 'amazed' if someone hasn't heard of it when (a) it's nothing to do with their role in supporting current account enquiries and (b) it is highly unlikely to apply to their personal circumstances....

Thumbs_Up

Bigwheels1111 said:

10k, if you exceed this you need to fill out a tax return.
Im in that position if rates hit 5%

I’m manoeuvring in this situation at 2 % saving rates (willy waving aside)

This thread has focus my mind somewhat and I am starting to prep oneself for the 2022/2023 tax year. I have never submitted a self assessment tax returns form (apparently ignorance doesn’t carry favour with HMRC) So it seems I will have to knock on their door and declare my predicament.  

I am a single man, 20% tax payer. I am economically inactive and I claim no state aid benefits. My only taxable income therefor is interest savings. I get payed dividends from a ISA account so that is tax free. As I understand it from reading those links above I will not have to pay any tax at current tax laws. 

As I said I’m prepping for the next tax year, so for a practice run I log on to my NatWest banking app and attempt to download my end of year tax statement ( Only been a customer for two months) For some annoying reason I could not attached the statement to a email.

Ok, so I log on the bank account with my pc, looking under the statement tab, could I find what I was looking for, hell no.

Further aside, anyone spoken to a NS&I operative lately? Stressed out aren’t they! Poor sods. On here I have been told off for suggesting some senior citizens will have trouble operating this new fangled technology, I fill vindicated.

Malthusian

Thumbs_Up said: 

As I said I’m prepping for the next tax year, so for a practice run I log on to my NatWest banking app and attempt to download my end of year tax statement ( Only been a customer for two months) For some annoying reason I could not attached the statement to a email.

Ok, so I log on the bank account with my pc, looking under the statement tab, could I find what I was looking for, hell no.

Um, isn't the issue that you've only been a NatWest customer in this tax year (two months), so you don't have an end of year tax statement yet?
I found mine pretty quickly under the desktop version, via Statements -> View and save PDF statements and certificates of interest (up to 7 years) -> 2022. 

RG2015

Thumbs_Up said:

Bigwheels1111 said:

10k, if you exceed this you need to fill out a tax return.
Im in that position if rates hit 5%

I log on to my NatWest banking app and attempt to download my end of year tax statement ( Only been a customer for two months) For some annoying reason I could not attached the statement to a email.

Ok, so I log on the bank account with my pc, looking under the statement tab, could I find what I was looking for, hell no.

Could you clarify "end of year tax statement"?

NatWest can be a bit quirky but I can generally find what I need in their online banking.

Thumbs_Up

Malthusian said:

Thumbs_Up said: 

As I said I’m prepping for the next tax year, so for a practice run I log on to my NatWest banking app and attempt to download my end of year tax statement ( Only been a customer for two months) For some annoying reason I could not attached the statement to a email.

Ok, so I log on the bank account with my pc, looking under the statement tab, could I find what I was looking for, hell no.

Um, isn't the issue that you've only been a NatWest customer in this tax year (two months), so you don't have an end of year tax statement yet?
I found mine pretty quickly under the desktop version, via Statements -> View and save PDF statements and certificates of interest (up to 7 years) -> 2022. 

On the app the statement is clear as day, admittedly it showed  £0 tax to pay. On the pc just couldn’t find it. Like you say the account is only 2 months old, so I will give NatWest the benefit of the doubt and will hold back my bank switching thoughts for now.

Thumbs_Up

RG2015 said:

Thumbs_Up said:

Bigwheels1111 said:

10k, if you exceed this you need to fill out a tax return.
Im in that position if rates hit 5%

I log on to my NatWest banking app and attempt to download my end of year tax statement ( Only been a customer for two months) For some annoying reason I could not attached the statement to a email.

Ok, so I log on the bank account with my pc, looking under the statement tab, could I find what I was looking for, hell no.

Could you clarify "end of year tax statement"?

NatWest can be a bit quirky but I can generally find what I need in their online banking.

Ok, it's certificate of interest 2022 --view PDF . This is from the app.

RG2015

Thumbs_Up said:

RG2015 said:

Thumbs_Up said:

Bigwheels1111 said:

10k, if you exceed this you need to fill out a tax return.
Im in that position if rates hit 5%

I log on to my NatWest banking app and attempt to download my end of year tax statement ( Only been a customer for two months) For some annoying reason I could not attached the statement to a email.

Ok, so I log on the bank account with my pc, looking under the statement tab, could I find what I was looking for, hell no.

Could you clarify "end of year tax statement"?

NatWest can be a bit quirky but I can generally find what I need in their online banking.

Ok, it's certificate of interest 2022 --view PDF . This is from the app.

Okay, as Malthusian says it will only appear when there is any interest received.

For information it will be in the statement month including 5th April.