Best savings account?

200sols said:
So your income was over £100k to fall into that trap. Its a fairly well known thing.
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Why are HMRC adding my income from savings in to this ? and why did they just not calculate it correctly back in June / July, rather than giving me a figure then, and then saying oh you have to pay more in oct ? why not just get it right when they issued the first statement back in june/july...


if they do the calculation in june / july, id expect them to be accurate in their calculation there and then and just give me a bill.

My income fluctuates, it wont always be the same.
 
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DJMK4 said:
Why are HMRC adding my income from savings in to this ?

My income fluctuates, it wont always be the same.
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Because as I said earlier, it is income.. You just get the first £500 taxed at a nil rate.

This area £100k-125k is a notorious tax trap.
 
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Goksly said:
Whats the deal with that in regards other Lloyds accounts? I'm wanting to start one of these but last time I looked I needed a normal lloyds account which came with an associated monthly fee. Do you have one of those or have things changed?
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I have a club lloyds. I think it's 3 pounds but if you pay in 2k a month it gets refunded
 
DJMK4 said:
Why are HMRC adding my income from savings in to this ? and why did they just not calculate it correctly back in June / July, rather than giving me a figure then, and then saying oh you have to pay more in oct ? why not just get it right when they issued the first statement back in june/july...


if they do the calculation in june / july, id expect them to be accurate in their calculation there and then and just give me a bill.

My income fluctuates, it wont always be the same.
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Isn't that last sentence probably why? If your income fluctuates is not easy to calculate?
 
413x said:
Isn't that last sentence probably why? If your income fluctuates is not easy to calculate?
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the tax year for April 2024 to april 2025, so they should have calculated it correctly just after april 2025, they however did not. and as a result i have been mislead on the amount I owe.
 
DJMK4 said:
the tax year for April 2024 to april 2025, so they should have calculated it correctly just after april 2025, they however did not. and as a result i have been mislead on the amount I owe.
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I think as long as they are right it can be out down to "personal responsibilities".
 
DJMK4 said:
the tax year for April 2024 to april 2025, so they should have calculated it correctly just after april 2025, they however did not. and as a result i have been mislead on the amount I owe.
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I'd assume not all information from all sources lands at the same time therefore they may have had data come in from one of the banks after their initial calculation. I suppose the other option is to switch to self assessment and then you can provide all the required details and work it out.
 
DJMK4 said:
the tax year for April 2024 to april 2025, so they should have calculated it correctly just after april 2025, they however did not. and as a result i have been mislead on the amount I owe.
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You haven't been misled. Sounds like they received information from the bank about interest, this extra income then reduced your PA because you are in the £100k zone which meant you have an underpaid tax liability. If you want my advice its stop worrying about it all, just let them sort it out. We aren't talking huge sums here and looking at your posts on here, its not consequential to you.
 
DJMK4 said:
That balances out, by me paying for my phone outright and not taking out a contract...
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uscool said:
Same here , the offer is for new customers, looks like I'll start looking elsewhere

For easy access savings
Looking at money supermarket

Ulster Bank (part of NatWest)* – pays 4.5% on balances above £5,000 (made up of a standard variable 1.75% + a 2.75% fixed 12-month bonus). This account closes after a year, when it will be transferred to a different, likely lower-paying account (so diarise then to ditch and switch).
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Thanks for that, already an ulster bank savings account, but new one has much better %. Note for anyone opening, you get an initial email saying they are preparing it, and then another email to say it's been opened. However in my case the account still wasn't there, it appeared some time overnight.

Also, can we please keep this thread to savings account, and move discussions about taxation issues elsewhere ?
 
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tangey said:
Also, can we please keep this thread to savings account, and move discussions about taxation issues elsewhere ?
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Well its a valid point, as the savings has had an effect on my tax, so generally it should be allowed for discussion, there are plenty of people talking about savings and tax in this thread (and how to avoid tax)
 
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DJMK4 said:
Apparenly i owed tax because of work, i had a bill of £523 to pay, i had the letter 4 months ago, i have been paying it off every month. i have £80 left to pay, now yesterday they sent me a letter stating i now have a had a recalculation and i still owe £142, so they have added extra on there and the reason they said this is because i had earned £301 worth of interest on savings in this same year?
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Your net adjusted income for the tax year is above £100k yet you're paying HMRC back monthly? :confused:
 
ChrisD. said:
Your net adjusted income for the tax year is above £100k yet you're paying HMRC back monthly? :confused:
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Its not always going to be that. I'm not on that

Anyway not everything has to be paid in one lump sum ? they are not charging me interest by paying it back monthly ? i wouldn't be saving anything by paying back in one lump sum nor would they be benefiting from me paying back monthly, there is literally no difference in me paying it back monthly vs paying it back in one lump sum. They can wait. I have more important things to spend my money on in lump sums.

Also, by paying it back monthly, i control where the funds to pay back come from, in this instance, when i first recicved it, i made one payment of £100, another payment of £180 in the same month (so £280) out of my own pocket, and the rest, has come out my interest earned monthly from my chase savings (around £50 per month) plus a payment from my own pocket £50 (so around £100 per month)


Thats fine with me, Its nearly paid off. end of this month i will pay around £100 (£50 from interest from my savings and £50 from my own pocket) , and i will have around £60 left. no issues.
 
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Paying monthly isnt weird at all, most people just get their tax code adjusted and pay it over a year anyway..

However its all coming from 'your pocket', interest or not.
 
200sols said:
Paying monthly isnt weird at all, most people just get their tax code adjusted and pay it over a year anyway..

However its all coming from 'your pocket', interest or not.
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Exactly ,

i could understand if its an establishment which your being charged for, for credit, but this is HMRC and your not being charged anything for paying monthly

the reason im paying it off this year monthly ,is because i didnt want them to adjust my tax code and tax it out next year (april 2026 to april 2027).
 
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uscool said:
Same here , the offer is for new customers, looks like I'll start looking elsewhere

For easy access savings
Looking at money supermarket

Ulster Bank (part of NatWest)* – pays 4.5% on balances above £5,000 (made up of a standard variable 1.75% + a 2.75% fixed 12-month bonus). This account closes after a year, when it will be transferred to a different, likely lower-paying account (so diarise then to ditch and switch).
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Thanks for this, opened an account with them yesterday and will move my savings from Chase to here. :D
 
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