Roadeye
Joined: 12/15/2023
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RE: Tax on my mothers 1 Year Bond and my own 1 Year Bond
So will HMRC contact me and my mother if there isn't enough taxable income and payment has to be made direct? Will they also inform me as to how I am able to make the payments. For information, I currently make £24000 annually. My mothers pension is £14578 annually Thanks Steven -
Tax on my mothers 1 Year Bond and my own 1 Year Bond
My mother is 88. She took out a one year bond in Nov 22. It has just matured paying £2596.72 in gross interest. I now have power-of-attorney over my mothers finances. How will my mother pay the tax on this? Will it be adjusted on pension income? I also took out a one year bond around the same time last year. The gross interest earned was £1656.99. How will I pay the tax owed on this? Will it be adjusted on the income which I earn? Any advice will be gratefully received as this is causing me a bit of a headache Thanks Steven