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Savings and Investments thread

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  • edited December 2023
    You have £12570 personal allowance. So if £10,000 pension why are you taxed ? If your not taxed then you have £2570 interest you can earn before tax. You are also allowed £1000 tax free. So you will owe if your interest is greater than £3570.
    You could voluntarily go online and complete a self assessment if you are getting more than £3570. However, whoever is paying you interest will report that to HMRC and they will come to you with a bill. 

    I personally leave it to them and do not complete self assessment.
  • Sorry, but I cant agree with that. 

    True betting means you can lose your stake. Horses, football, you name it. 

    Investing means you could lose it all but in reality you dont. Very very few investments lead you to losing your entire stake. Certainly regulated UK investments dont. Worse case scenario is that you might lose 40%-60% if you invest badly or the markets go tits up. 


    Not really true that though is it. I had some Cineworld shares that  have been wiped out completely through Chapter 11 process
  • kafka said:
    Not really true that though is it. I had some Cineworld shares that  have been wiped out completely through Chapter 11 process
    Same.
  • Plenty of companies on AIM get wiped out - regulation is minimal.
  • I’ve got 2 pensions that are taxed at source and come to roughly £10,000 per year. With the interest rates being good my savings are providing extra income. Does this mean I’ve got to fill out a tax return?
    Depends how much interest you are earning. I’m assuming your two pensions are taxed due to state pension (as £10k won’t breach the personal allowance). 

    Can you not put in an ISA?

    either way, if you do need to pay tax on savings just let HMRC know and they’ll adjust your tax code, unlikely to need to do a return.
  • Plenty of companies on AIM get wiped out - regulation is minimal.
    Exactly. As plenty of us Charlton shareholders discovered .

    Anyway, why would you buy Cineworld in the first place?
  • Rob7Lee said:
    Depends how much interest you are earning. I’m assuming your two pensions are taxed due to state pension (as £10k won’t breach the personal allowance). 

    Can you not put in an ISA?

    either way, if you do need to pay tax on savings just let HMRC know and they’ll adjust your tax code, unlikely to need to do a return.
    Not a state pension (too young at mo). Maybe my pensions aren’t taxed (?) 
    so the HMRC will know what savings I have and interest I get?
  • Exactly. As plenty of us Charlton shareholders discovered .

    Anyway, why would you buy Cineworld in the first place?
    It was a “recovery share” post Covid that many took a punt on. I lost a fraction of what I made on it, just thought it might go higher and chucked a bit of profit back in. Live and learn and all that. 
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  • edited December 2023
    Not a state pension (too young at mo). Maybe my pensions aren’t taxed (?) 
    so the HMRC will know what savings I have and interest I get?
    Yes. HMRC will then change your tax code and recover any tax owed as a result the interest you’ve received (not in one lump if a large amount). 
  • Not a state pension (too young at mo). Maybe my pensions aren’t taxed (?) 
    so the HMRC will know what savings I have and interest I get?
    if your pensions are circa £10k then on that alone you shouldn't be being taxed on them.

    HMRC can find out I believe, but they will unlikely know unless you tell them.

    That said, if £10k is your sole other income outside of interest then you have about 7k left.

    https://www.gov.uk/apply-tax-free-interest-on-savings
  • Rob7Lee said:
    if your pensions are circa £10k then on that alone you shouldn't be being taxed on them.

    HMRC can find out I believe, but they will unlikely know unless you tell them.

    That said, if £10k is your sole other income outside of interest then you have about 7k left.

    https://www.gov.uk/apply-tax-free-interest-on-savings
    I'm sure interest payers are required to report annually to HMRC how much interest they have paid and to whom, so they will know. I used to work for a holiday parks company (not the shit Camber Sands one but its much classier rival) and we were required to report amounts paid to van owners through the holiday let system to HMRC so they could chase up for any tax due.
    Best come clean to sleep easier and avoid nasty surprises down the line, I always think.
  •   Banks have reported credit interest paid to customers to HMRC since the early 1990’s 
  • OK since the FTSE 100 has hardly moved in the last 48 hours, can we just call it now, please? 😉
  • OK since the FTSE 100 has hardly moved in the last 48 hours, can we just call it now, please? 😉
    Noooooo
  • OK since the FTSE 100 has hardly moved in the last 48 hours, can we just call it now, please? 😉
    nah, it needs about another 50 point rise  :)
  • nah, it needs about another 50 point rise  :)
    Make that 250!

    As an aside, I really don't know what's going on, but my pensions up another £7k this week :smile:
  • Rob7Lee said:
    Make that 250!

    As an aside, I really don't know what's going on, but my pensions up another £7k this week :smile:
    I know.....good isn't it 😃.

    I think markets feel the "landing" is going to be a soft one. Recession fears are easing & company profits warnings not as severe as once thought. .Interest rates aren't going any higher & although wont be coming down anytime soon they will be lower in 2025 than commentators thought they would be. 

    Inflation also falling & Bond prices rising as coupons lower. 

    Oh......and Farage didnt win the Jungle thingy 😄.
  • I know.....good isn't it 😃.

    I think markets feel the "landing" is going to be a soft one. Recession fears are easing & company profits warnings not as severe as once thought. .Interest rates aren't going any higher & although wont be coming down anytime soon they will be lower in 2025 than commentators thought they would be. 

    Inflation also falling & Bond prices rising as coupons lower. 

    Oh......and Farage didnt win the Jungle thingy 😄.
    Of course, the Farage effect - long may it continue!
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  • edited December 2023
    OK since the FTSE 100 has hardly moved in the last 48 hours, can we just call it now, please? 😉
    Better not look at today’s sudden jump. Need yet another big rise for me to be anywhere near mind you.
  • Better not look at today’s sudden jump. Need yet another big rise for me to be anywhere near mind you.

    Another 100 please - then stop the contest.
  • Drop in inflation, keep the rise coming....... as at a few mins ago:

    FTSE100 Level7,743.22  
        
    NameLevelVariance% Variance
    blackpool7277506.780.09%
    Jamescafc77506.780.09%
    Lonelynorthernaddick772518.220.24%
    RalphMilne772122.220.29%
    Bangkokaddick777127.780.36%
    TheGhostofTomHovi770835.220.45%
    Addickinedi770736.220.47%
    Covered End770241.220.53%
    cafcpolo769845.220.58%
    thecat779248.780.63%
    golfaddick768063.220.82%
    StrikerFirmani766578.221.01%
    oohaahmortimer765489.221.15%
    Addick Addict765291.221.18%
    bobmunro7848104.781.35%
    HardyAddick7625118.221.53%
    Morboe7625118.221.53%
    CharltonKerry7868124.781.61%
    guinnessaddick7878134.781.74%
    PragueAddick7600143.221.85%
    LargeAddick7887143.781.86%
    Rob7Lee7891147.781.91%
    fat man on a moped7592151.221.95%
    holyjo7899155.782.01%
    meldrew667575168.222.17%
    valleynick667923179.782.32%
    Redman7562181.222.34%
    Fortune 82nd Minute7554189.222.44%
    IdleHans7945201.782.61%
    CAFCWest7950206.782.67%
    aitchyaddick7978234.783.03%
    Solidgone7990246.783.19%
    Jon_CAFC_7490253.223.27%
    wwaddick8002258.783.34%
    Pedro457452291.223.76%
    WishIdStayedInThe Pub8047303.783.92%
    Lenglover7401342.224.42%
    Er_Be_Ab_Pl_Wo_Wo_Ch 6750993.2212.83%
  • Top of the league. 
    Have that.
  • Top of the league. 
    Have that.
    Joint ;-)
  • Back down to 7684 now, so I reckon golfie is doing a golfie
  • bobmunro said:
    Joint ;-)
    But isn't he the reigning champion? If there's a tie I reckon he should  get to keep the virtual trophy, like in the Ashes.
  • But isn't he the reigning champion? If there's a tie I reckon he should  get to keep the virtual trophy, like in the Ashes.
    Tie-break - who got their prediction in first.

    I'm taking this far too seriously! 
  • But isn't he the reigning champion? If there's a tie I reckon he should  get to keep the virtual trophy, like in the Ashes.
    I won it the time before last.

  • bobmunro said:
    Tie-break - who got their prediction in first.

    I'm taking this far too seriously! 
    I was 1st 
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