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Savings and Investments thread
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Thanks to all those who've submitted their guess so far, below is what we have and those that are yet to enter who have participated in the past, newbies also welcome!
Name Level fat man on a moped 8301 Solidgone 8323 Pedro45 8325 Rob7Lee 8350 blackpool72 8390 holyjo 8398 CAFCWest 8399 Redman 8409 CharltonKerry 8410 StrikerFirmani 8410 Housty 8424 BalladMan 8443 golfaddick 8484 Addickinedi 8491 RalphMilne 8494 Covered End 8512 LargeAddick 8513 valleynick66 8526 wwaddick 8555 cafcpolo 8562 aitchyaddick 8585 bobmunro 8598 Arsenetatters 8615 HardyAddick 8722 guinnessaddick 8769 @TelMc32 MrWalker WishIdStayedInThe Pub Thread Killer PragueAddick Jamescafc Salad Hornchurch meldrew66 oohaahmortimer Bangkokaddick Lonelynorthernaddick Addick Addict Jon_CAFC_ thecat TheGhostofTomHovi Huskaris IdleHans Daarrrzzettbum Morboe Fortune 82nd Minute Lenglover Er_Be_Ab_Pl_Wo_Wo_Ch CAFC, we hate palace cafc7-6htfc CAFCsayer Exiledin Manchester Gary Poole happy valley Hoof_it_up_to_benty KentAddick Killer Kish 1 -
A Damascene-like conversion of all the pessimistic CL pundits. You love to see it 😂3
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Since the increase in state pension this year and the continued freezing of tax thresholds, it must be the case that some pensioners should be paying some tax on their pension, which is not deducted at source.
Some will need to fill in self assessment forms, probably for the first time in many cases or be breaking the law.0 -
Yes, for the first time we (my wife and myself) completed a self assessment form, (previously always done by my company accountant) to be fair we only had around 6 reminders each from HMRC, so I was aware, but I was very nearly caught out that they actually wanted the payment by the end of July, I assumed wrongly that it was end of January. My bill was for just over £450 from memory £250 for pension and £200 for saving interest. My wife bill was £0. Think next year I will have to see if there’s a way of using some of her £2,000 unused tax allowance to offset mine.Southbank said:Since the increase in state pension this year and the continued freezing of tax thresholds, it must be the case that some pensioners should be paying some tax on their pension, which is not deducted at source.
Some will need to fill in self assessment forms, probably for the first time in many cases or be breaking the law.0 -
Am in Second place already 🤓4
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If you are talking of using part of her personal allowance of £12, 570 this can be done by election. She can elect to pass part of it onto you. There is a section on self assessment form that allows you to do that. If you are talking about the higher rate rate allowance, this cannot be surrendered.CharltonKerry said:
Yes, for the first time we (my wife and myself) completed a self assessment form, (previously always done by my company accountant) to be fair we only had around 6 reminders each from HMRC, so I was aware, but I was very nearly caught out that they actually wanted the payment by the end of July, I assumed wrongly that it was end of January. My bill was for just over £450 from memory £250 for pension and £200 for saving interest. My wife bill was £0. Think next year I will have to see if there’s a way of using some of her £2,000 unused tax allowance to offset mine.Southbank said:Since the increase in state pension this year and the continued freezing of tax thresholds, it must be the case that some pensioners should be paying some tax on their pension, which is not deducted at source.
Some will need to fill in self assessment forms, probably for the first time in many cases or be breaking the law.
I expect you can save tax on savings interest by putting the savings in your wife's name. However this requires forward planning and will depend on both of your savings interest and tax brackets.
I cannot understand why it is due by July, tax returns for year to 5/4/24 are due 31/1/25 unless you are talking about the previous year.2 -
Yes, I was talking about election, must have missed that section when I filled the form in. Thanks. Perhaps I ought to get an accountant to do it once on my behalf to see where I went wrong.0
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86421
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I believe you can only transfer 10% of the allowance (£1,260), and only assuming that means your wife still won't pay tax. You can apply online and also backdate to 2020 I believe. You would have to be a lower rate tax payer also (which sounds like you are).CharltonKerry said:Yes, I was talking about election, must have missed that section when I filled the form in. Thanks. Perhaps I ought to get an accountant to do it once on my behalf to see where I went wrong.1 -
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Yes I’m lower rate now, my wife has got around £2,000 of tax free allowance still to use so transferring some to me wouldn’t be a problem. Thanks will look into it.0
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86811
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8540 please1
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86021
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8380 please1
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8697 please
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I imagine that many pensioners who have never had to do self-assessment will get caught, and fined, because of this.CharltonKerry said:
Yes, for the first time we (my wife and myself) completed a self assessment form, (previously always done by my company accountant) to be fair we only had around 6 reminders each from HMRC, so I was aware, but I was very nearly caught out that they actually wanted the payment by the end of July, I assumed wrongly that it was end of January. My bill was for just over £450 from memory £250 for pension and £200 for saving interest. My wife bill was £0. Think next year I will have to see if there’s a way of using some of her £2,000 unused tax allowance to offset mine.Southbank said:Since the increase in state pension this year and the continued freezing of tax thresholds, it must be the case that some pensioners should be paying some tax on their pension, which is not deducted at source.
Some will need to fill in self assessment forms, probably for the first time in many cases or be breaking the law.0 -
87830
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Southbank said:
I imagine that many pensioners who have never had to do self-assessment will get caught, and fined, because of this.CharltonKerry said:
Yes, for the first time we (my wife and myself) completed a self assessment form, (previously always done by my company accountant) to be fair we only had around 6 reminders each from HMRC, so I was aware, but I was very nearly caught out that they actually wanted the payment by the end of July, I assumed wrongly that it was end of January. My bill was for just over £450 from memory £250 for pension and £200 for saving interest. My wife bill was £0. Think next year I will have to see if there’s a way of using some of her £2,000 unused tax allowance to offset mine.Southbank said:Since the increase in state pension this year and the continued freezing of tax thresholds, it must be the case that some pensioners should be paying some tax on their pension, which is not deducted at source.
Some will need to fill in self assessment forms, probably for the first time in many cases or be breaking the law.Not as many as you might think.Basically if you have investment income from shares (dividends) and savings interest of less than £10,000 in total and your total income (including pensions and savings interest) is less than £150,000 you do not need to do a tax return. If Your investment income is over £10,000 and/or your total income is over £150,000 then you do.Banks provide interest data to HMRC and pension providers also, so if the above applies you will receive a letter from HMRC if you need to pay any tax rather than having to do a tax return.Edit - I should have said, the figure of £10,000 from savings interest excludes any income from ISAs.7 -
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Today I got a tax rebate of £999 from HMRC - very nice.
I've also been dealing with my dad's estate, and he got a £100 fine for not providing a self-assessment for 2023/4. However, he (in the same post...) got just over £1000 tax rebate and cancellation of the £100 fine!!!!5 -
8301 please1
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8672, please1
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I’m lending a friend £10k to help while she’s at college (mid life change of career). Are there any tax implications for either of us?0
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Drawing up an informal contract between you will be useful if there are any disputes down the line. It happens, even amongst friends. Possible tax implications if you are being paid interest on the loan, depending on your own tax circumstances.Arsenetatters said:I’m lending a friend £10k to help while she’s at college (mid life change of career). Are there any tax implications for either of us?1 -
Also, if the person was to die, you have proof of the loan, would be entitled to the money from their estate.TelMc32 said:
Drawing up an informal contract between you will be useful if there are any disputes down the line. It happens, even amongst friends. Possible tax implications if you are being paid interest on the loan, depending on your own tax circumstances.Arsenetatters said:I’m lending a friend £10k to help while she’s at college (mid life change of career). Are there any tax implications for either of us?2 -
if you're not charging interest then no. If you are, which i doubt, you'd need to include it in any tax return you might make if you're over the interest income threshhold. I agree with the thoughts above on a simple loan document to avoid possible disputes later on.Arsenetatters said:I’m lending a friend £10k to help while she’s at college (mid life change of career). Are there any tax implications for either of us?
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i would actually go a bit further with the loan agreement and make it a simple deed, which just means it needs to be signed as such and witnessed. I would also add a repayment date or repayment schedule. This could always be changed by mutual agreement later on if need be.1
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If you pass away they might have to pay IHT (depending on size of your estate) unless you have a loan agreement as it could be interpreted as a gift rather than a loan if no repayments have been made0
