Non tax payer

liamster

My wife had to stop work in 2022 due to ill health, and is unlikely to be able to go out to work again because of her condition,  she had been self employed for quite a few years and has another four years before she will get her state pension. there is a minefield  ahead for her to go through the benefit system having never made a claim for anything during her working life. and of course I have an income.
I have a good enough income that gives us a decent enough living standard at the moment and the advise I am looking for is getting the  maximum from  any savings we have.
If my wife  has no income is there anything she needs to do with HMRC as far as interest  on savings is concerned, does she need to contact them or is there a form she needs to complete or can she just for example place money in a fixed interest account for a year and keep the interest.
I know theirs the £1000 interest for everyone but what about those who have no other income.
Any advise appreciated . Thanks
L

eskbanker

She can earn considerably more than £1K in savings interest before actually paying tax, potentially up to £18,570 or even more with marriage allowance, as explained at https://www.moneysavingexpert.com/savings/tax-free-savings/

Albermarle

liamster said:

My wife had to stop work in 2022 due to ill health, and is unlikely to be able to go out to work again because of her condition,  she had been self employed for quite a few years and has another four years before she will get her state pension. there is a minefield  ahead for her to go through the benefit system having never made a claim for anything during her working life. and of course I have an income.
I have a good enough income that gives us a decent enough living standard at the moment and the advise I am looking for is getting the  maximum from  any savings we have.
If my wife  has no income is there anything she needs to do with HMRC as far as interest  on savings is concerned, does she need to contact them or is there a form she needs to complete or can she just for example place money in a fixed interest account for a year and keep the interest.
I know theirs the £1000 interest for everyone but what about those who have no other income.
Any advise appreciated . Thanks
L

You may find reading the savings and investments forum useful. There are plenty of posts about savings accounts, interest, tax, ISA's etc and alternatives like investments and pensions.

Savings & investments — MoneySavingExpert Forum

Also there is a forum about benefits.

Benefits & tax credits — MoneySavingExpert Forum

xylophone

Has she checked her state pension forecast?

https://www.gov.uk/check-state-pension

liamster

xylophone said:

Has she checked her state pension forecast?

https://www.gov.uk/check-state-pension

Yip, sadly she is in the female age group that the Goverment took the pensions off when they reached 60.
but she will get it when she reaches 66

liamster

eskbanker said:

She can earn considerably more than £1K in savings interest before actually paying tax, potentially up to £18,570 or even more with marriage allowance, as explained at https://www.moneysavingexpert.com/savings/tax-free-savings/

This is exactly what I  was looking for .
Thanks a million.
L