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  • RE: Reporting savings interest

    I have multi saving accounts and lost track on the interest/ reward earned. As stated, the banks will notifity HMRC anyway, when would the record be updated so I can populate the rest of the SA for submission.
  • RE: Personal allowance for Saving Interest Query

    I have now started the Self Assessment and something is not quite as expected. As stated, I have contributed to my private pension to increase my basic rate limt so my taxable income is all under Basic Rate at 20%. How come I have only received £500 tax allowance @ 0%, and £500 @ 40%?? Have I missed some steps
  • RE: Impact of salary sacrifice benefits on Adjusted Net Income calculation

    Try again, for Adjusted Net Income, should the P11D value (benefit in kind) be included as part of the calculation.
  • UK Interest for High Income Child Benefit Calculation

    According to High Income Child Benefit webpage about taxable income, only interests on savings over your savings allowance is accounted for. However, when I fill in the tax return, since I have earned £400 in interest, so I have entered in the relevant box. This value did however carry over and increased my taxable allowance and increase my charge value. Given my £400 interest is within saving allowance, should I just leave it as blank?
  • RE: Child benefit charge

    I believe as the pension contribution has been deduced via PAYE already, so you cannot claim further reduction. having said that, if you have paid additional to your private pension pot, you can enter the value in the two boxes. It seems the total value will need to be input twice.. Payments to registered pension schemes (also known as PPR) where basic rate tax relief will be claimed by your pension provider (called 'relief at source'). Enter the payments and basic rate tax box: Total of any 'one-off' payments to registered pension schemes included in the 'Payments to registered pension schemes where basic rate tax relief will be claimed by your pension provider' box:
  • RE: adjusted net income figure and tax free childcare

    It will be £5000 and make it £96,000. Having said that, I need confirmation from HRMC whether the P11D value and any UK earned interest to be 'added' to top and it could make some difference too.
  • RE: Child Benefit - Calcutating Charge.....

    I am filling the Self Assessment form for the first time, I know exactly my P60 taxable and additional pension contribution (outside of PAYE) are, the rest I am not sure. I believe the work out the actual 'taxable income' for HICBT, I will need my P11D, do I need to report any interest earn from the UK bank (gross) outside of ISA as they are under £500, which should be within my interest tax free allowance?
  • Multiple Pension Scheme Pots

    I have 3 Pension Schemes, one is with my previous employer, one is my Personal Pension and one with my current employer. the breakdown as follows: 1. Previous employer - £80k 2. Personal pension - £50k 3. Current employer - £25k My question is, can I draw the Pension pot as a separate scheme at different life stage. At age 57, drawdown my previous employer pension of £80k with 25% tax free lump sum, with a monthly pension payment, and carry on paying contribution to my personal and current employer pensions. At age 60, I draw upon my person pension with another 25% tax free lump sun and receive additional pension payment. and contribute only to my current employer pension. At age 67, I will receive state pension and draw upon my last remaining pension as an annuity without taking the 25% lump sum. Does this plan align with the pension tax rule? thanks
  • Personal allowance for Saving Interest Query

    For all interests earned from my savings account, outside of ISA, how would the tax be calculated and reported to HMRC? My current salary is £57k, and I do have a pension contribution of £7k, so this makes my taxable income under £50 and I only pay 20% tax. Does it mean I have an allowance of £1,000? If I earned over £1,000 in savings, do I need to file a tax return? Many thanks