Savings Tax Calcs Help

jaceyboy

After some help please, max'd out on ISA's for this year (wife and myself), have £78k in savings, wife earns around £10k from rental property, I earn under £10k Paye but will be getting divs around £30-40k per year, what is best way to take advantage of the best savings rates and paying min tax? I currently have £50k in Chip at 4.21% and £28k in Shawbrook (Joint) 3.82% but hate their slow interest payments and slow withdrawals.....

Bigwheels1111

Easy put the savings in your wife’s account.
With zero income she can collect £18,570 of interest tax free.
Over 10k would necessitate filing a tax return.
Very easy to do.
Once registered for self assessment, apart from name address ni number etc there will only be one or two boxes to fill out.

jaceyboy

Bigwheels1111 said:

Easy put the savings in your wife’s account.
With zero income she can collect £18,570 of interest tax free.
Over 10k would necessitate filing a tax return.
Very easy to do.
Once registered for self assessment, apart from name address ni number etc there will only be one or two boxes to fill out.

Sorry im forgetting she gets income from rental property around £10k per year! will amend post...

Bigwheels1111

Look here for the best rate today.
https://moneyfactscompare.co.uk/

Savings and ISA
Then fixed or easy access.
On the selected page choose rate order.
Easy access, Tandem are good at 4.10% and withdrawals take an hour or two.

jaceyboy

Bigwheels1111 said:

Look here for the best rate today.
https://moneyfactscompare.co.uk/

Savings and ISA
Then fixed or easy access.
On the selected page choose rate order.
Easy access, Tandem are good at 4.10% and withdrawals take an hour or two.

Im after trying to work out what to split across us two so we pay less tax

Bigwheels1111

jaceyboy said:

Bigwheels1111 said:

Look here for the best rate today.
https://moneyfactscompare.co.uk/

Savings and ISA
Then fixed or easy access.
On the selected page choose rate order.
Easy access, Tandem are good at 4.10% and withdrawals take an hour or two.

Im after trying to work out what to split across us two so we pay less tax

At 5% interest £160,000 is the max to give your wife.
This is a basic breakdown.
£12,570 of earnings or interest is tax free.
£  5,000 starter savings rate tax free.
£. 1,000 Personal savings allowan
You said you are getting a dividend, I don’t know how that is taxed.
So the more you wife has the less tax to be paid.
10k rental income leaves £8,570 of tax free interest 

jaceyboy

Do you happen to know the best savings account online that does instant transfers if need be? the apps are good but I need to be able to control her spending

Bigwheels1111

jaceyboy said:

Do you happen to know the best savings account online that does instand transfers if need be? the apps are good but I need to be able to control her spending

My wife has that issue but the other way round.
I have a low income and can get £14,500 interest before tax is due.
She promised to remove parts of my body to make a pair of earrings if I rob her.

jaceyboy

Bigwheels1111 said:

jaceyboy said:

Do you happen to know the best savings account online that does instand transfers if need be? the apps are good but I need to be able to control her spending

My wife has that issue but the other way round.
I have a low income and can get £14,500 interest before tax is due.
She promised to remove parts of my body to make a pair of earrings if I rob her.

  Fair enough