Savings and tax and interest and.... i give up

[Tom]

Morning all,

I'm trying to get the most of the small savings I have, does anyone on here know much about this kind of thing?

I had it in a cash ISA but have recieved a year end tax certificate????

i have now moved it to a regular savings account with a better interest rate but will i have to pay the tax on it manually or will it get done automatically?

it's all very confusing for me, any advice would be appreciated

Thanks

 

[TobyM]

If you're a tax payer the tax will be deducted by the bank. Worth noting that the tax wil be at least 20% off the interest hence why ISAs are/can be better as no tax on interest.

Alternatively contact an independent financial advisor or have a look on moneysavingexpert.co.uk

 

[EdSolomons]

If its in an ISA you dont need to declare it on your return. Savings account interest you will have to declare as income and therefore pay tax on it. Thats what Ive been doing anyhow and the accountant hasnt said Im doing it wrong....

 

[40UP]

ISA tax free no only the interest 3% return £4000 = £120 no tax saves £40 don't bother even discussing. Inflation 5% means money goes down in value. For small sums buy long life goods that you consume yourself. If you think cartridges may increase in cost by 3% this year why not buy stock in advance and get a better return. ^_^

 

[EdSolomons]

2 different answers hope that cleared it up for you!!! ;-)

 

[40UP]

Financial advice is very much like shooting but at least with shooting you enjoy the pain.

 

[Tom]

2 different answers hope that cleared it up for you!!! ;-)

., under the matress it goes then.

 

[EdSolomons]

itll be about the same return!

 

[ExSCA]

Click the donate button on the front page - I'll sort it out for you.

 

[Tom]

Click the donate button on the front page - I'll sort it out for you.

.

Cheers,

Tom

 

[teepee1234]

Click the donate button on the front page - I'll sort it out for you.

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