Sold the house and lost my job - now what?

Mikeyorks

caveat_emptor wrote: »

I'm sure you'll correct me if I'm wrong but doesn't the 10% band only apply if your savings interest doesn't exceed 2320. If it does the 10% band does not apply.

OK then .... (as post #7) I'll correct you;)

This is what HMRC says :-

There will be a new 10% starting rate for savings income only, with a limit of £2320. If an individual’s taxable non-savings income is above this limit then the 10% savings rate will not be applicable.

..... as you can see, it's if the taxable 'non-savings' goes above (personal allowances (PA) + £2320) ...... then, in effect the 10% band simply doesn't exist (as it won't for most people). But if your savings income hits the band formed by PA + £2320 ...... then you can have as much of the 10% band as is relevant .... and your excess savings interest then continues into the 20% band.

ratttyo

I have aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

StevieJ

ratttyo wrote: »

I have 380k in a savings account and I'm constantly harrassed from the bank trying to sell me differents products.
I currently don't work either just live of the interest going in the bank each month have done for over a year now.

Reading this should I be declaring this to the Taxman? I have no other source of income and claim nothing?

They will be taxing (20%) you at source, you will be overpaying tax because you have not claimed you personal allowance.

ianmr65

Hebbs wrote: »

Last question, can you claim back the interested tax deduction if that is your only form of income?

Thank you in advance

You can claim back overpaid tax in the tax year after it was paid by writing to the revenue with evidence. However as your tax affairs are liable to be quite complicated, capital gains tax on any investments you might make ect. it might be better to volunteer to do a tax return.

You can do them on line, all the calculations are done for you. you can change the numbers around before submitting to make sure it looks correcty, and they really are pretty straight forward, you don't need an accountant: just keep all your paper work safe: and if you volunteer early sometime during this tax year, and submit early say next may or june. Any refund will then be automatic, without the need to submit any more eveidence. + The revenue is much less likely to be minded to investigate, (though you never know!!)