-
Helping Mum plan to reduce exposure to Tax on Savings Interest - thoughts invited
Hi, this is my first post here. It is primarily to do with savings and tax on interest, although there are also elements of inheritance and mortgage about it too, so I hope I’ve posted it in the correct place. Also, sorry for such a long post. I appreciate it covers a lot of ground and I’m sure it looks a bit “amateur…
-
Who to turn to
I divorced late in life and, regrettably, allowed my husband to manage out money. That has left me with 2 problems: one that I only have a small amount of capital and two that I am owefully ignorant about investing. My instinct is to turn to financial advisors but they take one look at my small amounts and basically say…
-
Edinburgh Small Companies Trust PLC Share Certificate & Sale
Hi, When my dad dies I inherited shares in Edinburgh Small Companies Trust. I know want to sell a number of these Shares (only a partial sale to keep me under the CGT limit). The Share Certificate I have is the original from 2007 for Edinburgh Small Companies Trust. I understand the Share are now known as abrdn UK Smaller…
-
1257L for 2024 versus tax on interest on savings
Through PAYE, if you are on 1257L tax code in Apri 2024 (first pay slip), but you know that your interest on savings exceeded £1000, when should I expect HMRC to correct the code (if ever)? It's only really since 2023/24 that interest rates have shot back up where you can get 5%+ thus taking some people over the allowance.…
-
Giving away shares
My mother kindly informed me she'd like to split up some of her shares with my sister and myself. I wasn't sure if she can just transfer them to us. They are held with an online share dealing account. Obviously we'd need online accounts of our own, but are there other issues we have not thought of ? Many thanks in advance.
-
University fees and savings
Hi, my children and I (ages 49, 16 and 12) received inheritance last year and we have put it into savings for my eventual retirement and for the children to be able to get onto the property ladder. My question is will these savings effect university grants and loans?
-
Investment platform for accessing money market funds as a British expat
Hello, I am trying to find an investment platform that I can use to invest in a money market fund that I can access as non-resident British citizen.
-
The Top Fixed Interest Savings Discussion Area
I'm interested in people's thoughts and recommendations for the best fixed interest accounts. With BOE interests rates recently starting to increase we have to consider the desirability of long term fixed interest savings. Since withdrawals are usually not permitted before the end of the fixed period, such general interest…
-
Self-Assesment for Savings Interest over £10k
Just added up the interest earnt on my accounts, and due to a couple of joint accounts with small amounts in, halving that has put be £106 over the £10k interest limit before having to do a self-assessment. This is for the 2023/2024 Tax Year. Couple of questions: 1) Do HMRC write to tell me I need to complete this form? I…
-
PC been hacked how do I protect my bank accounts ?
Hi DS PC has been hacked how s the best way to protect his bank accounts? sx
-
BEWARE : Post office easy access savings account recommended by MSE
Tried to open but apparently there is a problem verifying my linked bank account even though I have had the same bank for many years. Luckily I only transferred a £1 to the account details I was given. I phoned up to query and been told I have to post a recent bank statement with all personal details . Do not trust post…
-
Calculating tax on savings interest
I've completely confused myself regarding the order in which calculations take place and fear I may have made a costly rookie error in the tax year just finished. I'm paid via PAYE and was making AVCs to my pension during the year so as to keep both my salary and savings income within the 20% tax bracket, but I'm now…
-
Finalising my Power of Attorney(s)
I hope no-one minds too much that I'm posting on this board. It's the one I'm most familiar with, and when I search I've found that LPAs pop up on many different ones anyway. I decided to prepare both types - Finance and Health - for the 3 people in my household, so 6 in all. Spouse and myself, plus adult child, all with…
-
Phone Call re Ferrovial Shares BuyBack
My elderly mother answered a phone call from someone saying they were authorised to buy back Ferrovial shares which she might know as BAA shares. She just put the phone down. She's had calls like this before regarding other shares. I googled Ferrovial and found some information about a buy back but is this a scam and how…
-
Investment bond purchase options
When my late father was admitted to hospital due to rapidly deteriorating dementia, the family took advice from an IFA. The IFA was very pleased that Dad had an investment bond due to it being the one financial product protected from council assessment for care fees. I'm now looking forward and doing my research, so that…
-
Kent Reliance Maturity warning
Just something to bear in mind when deciding on a savings provider. Kent Reliance have confirmed they will pay maturing proceeds into my nominated account within 5 working days from maturity date. As that will effectively be up to a calendar week I make it a reduction in actual interest rate from 4.51% to 4.32%. I'm not…
-
Tax on interest/income from investment account
Hi, I have done a lot of reading and want to be sure that I understand this correctly. I have recently come into an inheritance (approx 100k) after my mom passed away. I plan to invest this as 20k in a cash ISA, 15k in a 1yr fix (to transfer into an ISA in the new tax year), 10k in a 6month fix (5k to then go into new ISA,…
-
What are our top building societies doing?
IIRC Britannia BS, a failing mutual, took over the Co-op Bank and failed again. Now Coventry BS, a successful mutual, is proposing to take over the mess Britannia created. Nationwide is proposing to take over Virgin Money. Neither BS knows what they are doing. They should stick to their knitting. No votes for members - so…
-
Audit My Investments & Savings
Salary Current: £27,000 (£1,800 per month) January 2025: £30,000 Debt None Monthly Direct Debits £100 Age + Living Status 30 + With Parents Lifetime ISA £12,000 - £12,500 approx (invested in stocks) DODL Stocks and Shares ISA £4,250 Lloyds Stock and Shares Halifax Collective Investment Plan £700 (approx. Old account plan…
-
CMC invest transfer cashback
Hi Had a email from the above offering 1000 pounds cashback for transfers of 100k into their app based plans . Must be held for 12 months and I can't see any charges for its basic plan. Not sure on range of etfs or tracker funds on there so what's the catch seems easy way to get a nice bonus. Anybody using these ?