Money, investing, mutuals etc
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blythburgh
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by blythburgh » Fri May 12 2023 10:07am
Chadwick wrote: ↑Thu May 11 2023 2:20pm
blythburgh wrote: ↑Fri May 05 2023 10:16am
Now I have pity even for the better off as they are hit hard just like the poorer people.
Not quite. The difference between not being able to afford good seats at the theatre, and having to choose between heating or food is quite significant.
The problem is the better off often have bigger mortgages and because of the frozen tax thresholds more and more previously comfortable financially are being dragged into the higher tax band. But of course the frozen tax threshold at the lower end is really hard on the lower paid.
Keep smiling because the light at the end of someone's tunnel may be you, Ron Cheneler
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Luke_PieStalker
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by Luke_PieStalker » Sat May 13 2023 9:08pm
As a saver, I welcome these interest rises only problem is trying to avoid hitting the £1000 tax free interest allowance on savings now.
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planteria
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by planteria » Sun May 14 2023 10:57am
and what if you do Luke, declare it on your tax return?
i welcome them too... but inflation is still wiping out our interest.
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Luke_PieStalker
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by Luke_PieStalker » Thu May 18 2023 7:07pm
planteria wrote: ↑Sun May 14 2023 10:57am
and what if you do Luke, declare it on your tax return?
i welcome them too... but inflation is still wiping out our interest.
I begrudge paying tax on interest, it sticks in my throat. So i have been topping up a cash isa to avoid the tax. Less interest than a good paying bond of course but not 20% less (rate of tax on savings interest above 1k)
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planteria
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by planteria » Fri May 19 2023 9:45am
S&S ISA for me Luke. i'm not sure how the tax on cash savings is being collected.
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pabenny
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by pabenny » Fri May 19 2023 1:45pm
Banks and building societies are required to report interest by end of June following the tax year. I suspect people who do not already complete a tax return will be asked to do so.
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Luke_PieStalker
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by Luke_PieStalker » Sun May 21 2023 10:26pm
Past experience - no tax return needed if you do go over your £1000 limit on savings interest.
The tax office will just amend your tax code to reflect the owed amount.
Lesson learnt - I make sure to only earn £999.99 in interest and ISA the rest.
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planteria
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by planteria » Mon May 22 2023 8:59pm
interesting LPS.. i'll break the 1k barrier this year, and i don't like the tax code amendment idea.
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