Search found 21 matches

by steelman99
October 8th, 2019, 6:31 pm
Forum: Taxes
Topic: trying to sort income tax
Replies: 3
Views: 636

trying to sort income tax

all last year I had on my payslip a taxable income of 54,592.53 ( Usual gross wage was around £3k per month, but I retired and extra taxable payments of £19353 were made in the last month of the tax year) I paid £10k net into my pension , and the scheme reclaimed £2500 tax refund To my sums -I there...
by steelman99
June 2nd, 2019, 8:26 am
Forum: Does anyone know?
Topic: Plusnet bills
Replies: 6
Views: 3213

Plusnet bills

Hi Mum & Dad are with plusnet for phone and broadband , for some reason plusnet stopped sending bills and taking money out of their bank account in Jan 2019 Ive rung plusnet who say that there's a computer system glitch at their end which they know about but they don't know when it will be fixed...
by steelman99
April 15th, 2019, 3:56 pm
Forum: Living Below Your Means
Topic: Three Mobile Price rise or Price Reduction
Replies: 1
Views: 461

Three Mobile Price rise or Price Reduction

for all those on Sim only contract , three have just announced that prices will be going up by 2.5% in May . ........ however if you look to take out a new one year contract for exactly the same package as you have now, its often cheaper than what you were paying , and you don't get a price rise til...
by steelman99
April 11th, 2019, 9:34 pm
Forum: Pensions - Practical Problems
Topic: Crediting of pension contributions
Replies: 4
Views: 516

Re: Crediting of pension contributions

not worth a lot of effort now -she's retiring in July and we will take a lump sum out equivalent to state pension which with her works pension will be as good as shes earning will run out when she gets to state pension age , so only 7 years before its gone - just they are so long winded doing anything
by steelman99
April 11th, 2019, 1:45 pm
Forum: Pensions - Practical Problems
Topic: Crediting of pension contributions
Replies: 4
Views: 516

Re: Crediting of pension contributions

Provider is Wesleyan - policy was taken out many years ago - if I knew then what I know now , would of been with someone else , not the best of company's , very limited as to what we can do with proceeds " asked if we could take 25% tax free then draw rest down over a few years to keep below th...
by steelman99
April 10th, 2019, 8:40 am
Forum: Pensions - Practical Problems
Topic: Crediting of pension contributions
Replies: 4
Views: 516

Crediting of pension contributions

As have previously said on her , we paid £2k into the wifes personal pension at beginning of March. On checking her personal pension , the £2k has still not been credited to her account . Phoned them about 2 weeks ago , and got the usual end of tax year and we're busy excuse , and said we should hea...
by steelman99
April 8th, 2019, 6:30 pm
Forum: Bank Accounts Savings & ISAs
Topic: Re TSB 5% Current Account
Replies: 2
Views: 522

Re TSB 5% Current Account

Just had an e-mail saying that they are cutting the rate from 5% to 3% from 2nd July

looks like everyone's cutting their rates
by steelman99
April 8th, 2019, 3:06 pm
Forum: Pensions - Practical Problems
Topic: Pension recycling
Replies: 19
Views: 1103

Pension recycling

All the wife is retiring in August , and will be getting a lump sum of around 6k from her local government pension scheme she also has a private pension which I've been paying £120 per month for the last 30 years. In the last tax year , she paid in a lump sum of £2k , basically because it was from a...
by steelman99
April 2nd, 2019, 3:33 pm
Forum: Bank Accounts Savings & ISAs
Topic: Nationwide regular savings account axed
Replies: 18
Views: 1156

Re: Nationwide regular savings account axed

look like lot of the 5% regular savers are going

Santander has cut theirs from 5% last year to 3% this year

Looks like the only ones remaining are from HSBC - ie M&S, HSBC & First Direct ,
by steelman99
April 2nd, 2019, 3:20 pm
Forum: Taxes
Topic: Help - Bit of urgent tax advice required
Replies: 16
Views: 1260

Re: Help - Bit of urgent tax advice required

just to close this off , an agreement has been come to with HR, Subject to the appropriate paperwork been signed , and a confidentiality clause for some reason. Anyway , I'm in the position I would of been , should the money of been paid in the agreed financial year . the payment will go into my ban...
by steelman99
March 20th, 2019, 5:52 am
Forum: Taxes
Topic: Help - Bit of urgent tax advice required
Replies: 16
Views: 1260

Re: Help - Bit of urgent tax advice required

The loss is easily quantified Redundancy Paid this year , £10k taxed at 20% = £2000 £9.5k taxed at 40% = £3,800 40% tax on 235 on interest on savings =£934 Total tax on redundancy pay above £30k & extra interest on savings = £6734 If its Paid next tax Year Taxable redundancy is £19500 to take of...
by steelman99
March 19th, 2019, 6:51 pm
Forum: Taxes
Topic: Help - Bit of urgent tax advice required
Replies: 16
Views: 1260

Re: Help - Bit of urgent tax advice required

Thanks to all for their advice I've got pensions with L&G & OMW , both say it should be possible to get the money into a pension , but they cant gaurentee as its so close to the 5th April Spoke to HR today ,first reply was we cant do anything , but when I put their letter on the table statin...
by steelman99
March 19th, 2019, 1:10 am
Forum: Taxes
Topic: Help - Bit of urgent tax advice required
Replies: 16
Views: 1260

Re: Help - Bit of urgent tax advice required

"Are you able to throw part of your redundancy payment into your pension, in order to remove it from liability to income tax?" yes thats going to have to be the line i take , but the guy looking after my private pension is checking if there's enough time between 25th March and 5th April to...
by steelman99
March 18th, 2019, 9:15 pm
Forum: Taxes
Topic: Help - Bit of urgent tax advice required
Replies: 16
Views: 1260

Help - Bit of urgent tax advice required

As previously stated on here , I'm taking voluntary redundancy at the end of March , and in the agreement I signed with the company ,it was agreed that the redundancy would be paid in the April Payroll run on 25th April 2019 ( its around £49k, so there's tax to pay on £19k) I've just gone online to ...
by steelman99
March 17th, 2019, 3:28 pm
Forum: Pensions - Practical Problems
Topic: What To Do With Zurich
Replies: 12
Views: 828

Re: What To Do With Zurich

dont forget 25% of what you take out as drawdown will be tax free so you can take it over 8 years and pay no tax you want a larger income in the early years of retirement

37500/4650 =8.06 ( other£12500 will be tax free so can be taken up front , or a bit every year )
by steelman99
March 16th, 2019, 8:58 am
Forum: Pensions - Practical Problems
Topic: State pension
Replies: 14
Views: 1141

State pension

Hi All would be grateful if someone could check my understanding of the new state pension and what NI i need to pay over the next few years Present situation is that as from end of March I'm been made redundant at 57 (own choice as offer was too good to refuse) I've paid NI for the last 41 years , b...
by steelman99
February 12th, 2019, 1:33 pm
Forum: Taxes
Topic: Tax and NI on redundancy
Replies: 2
Views: 387

Tax and NI on redundancy

I've decided to take voluntary redundancy at the end of march ( The redundancy payment will be paid end of April in the 2019/20 tax year) Im trying to work out what the tax will be and if there's any NI due The money is paid in 2 parts £40k for redundancy and an further payment of £10k for buying ou...
by steelman99
October 16th, 2018, 8:23 pm
Forum: Bank Accounts Savings & ISAs
Topic: Power of Attorney: Pre-Registering with Banks?
Replies: 6
Views: 1018

Re: Power of Attorney: Pre-Registering with Banks?

the copy can be certified by the doner as long as you get the copys certified whilst the doner is of sound mind

SAves the legal fees
by steelman99
June 17th, 2018, 9:57 am
Forum: Bank Accounts Savings & ISAs
Topic: Has the Stander 123 account lost its way?
Replies: 6
Views: 967

Has the Stander 123 account lost its way?

Like a lot of people who use the santander 123 account , I keep the balance near the £20k limit for the interest , but with £5 a month charge and the increase in interest rates elsewhere , has it now lost its usefulness? Assuming you keep £20k in the account for the full month , you get £300 per yea...
by steelman99
April 20th, 2018, 7:13 pm
Forum: Bank Accounts Savings & ISAs
Topic: Lloyds Bank strikes again
Replies: 2
Views: 561

Re: Lloyds Bank strikes again

the rate is getting so near a savings account rate ,its not worth bothering with any more - especially with the end of been able to use tesco's savings account for your direct debits Closing my Lloyds Club & Bank of Scotland Vantage accounts as soon as I've got the interest on the 2nd May - movi...

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