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  • FIRST POST
    • 6pac
    • By 6pac 9th Sep 19, 4:30 PM
    • 10Posts
    • 8Thanks
    6pac
    No longer a tax payer
    • #1
    • 9th Sep 19, 4:30 PM
    No longer a tax payer 9th Sep 19 at 4:30 PM
    I recently took voluntary redundancy and Iíve decided to live off my savings. (I have no income and donít receive any benefits) I was wondering how being a none tax payer would effect the interest I get on my savings?
    From what Iíve read a 20% tax payer can earn £1000 per year without paying tax but I canít find any info for the rules if I earn nothing at all. Am I missing something obvious?
Page 2
    • skatersrus
    • By skatersrus 1st Oct 19, 7:06 PM
    • 12 Posts
    • 3 Thanks
    skatersrus
    I would advise you to contribute to your NI as you go. It will be a big bill in a lump sum and you might not be able to contribute later. Also you can only go back so many years.

    Interest on all savings are paid in Gross. Before they were paid net. So you shouldn't need to request changeover from the bank, but do double check.

    You need to fill out self assessment if you earn any money over £500. The figure might not be correct, it was a long time ago when I researched this. Self assessment as the name suggests does not need an accountant and you can fill it out yourself. You can claim back any overpaid income tax if you have worked only part of the year (income tax is taken with the assumption that you will continue to earn the same for the rest of the year.
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