So if I go on a couple of holidays every year I don't pay any tax but if I save that money to give us security for the future, I have to pay tax! What a corrupt system we endure.
The UK government needs the money to take care of illegal boat people, not to mention Aid to countries like pakistan, nigeria,afghanistan etc so they can continue with terrible terrorist activities 😡
You are taxed 20% on everything you spend already. It is called VAT and you are paying that on your holidays as well as most other non essential items. You have always paid income tax on the interest paid to you on any savings account, unless the money is in a tax free account like an ISA. In 2016, this changed so even a regular person on basic rate tax would be allowed to earn £1000 tax free in interest. But on current major bank saving interest rates of less than 2%, you would still need more than £50,000 to be sitting around spare in a bank account which I doubt many people have. I most certainly don’t have anything like that in mine. The richer you are and the more you earn then you may pay some tax but very little, unless you are very wealthy. You never pay tax on your savings. You only ever pay tax on the income you earn from it just like you pay tax on income you earn elsewhere. Nothing different but just sensationalised here to rile people and monetise views.
Scaremongering. HMRC will know how much tax you owe on savings and will adjust your tax code. The info is passed by banks , building societies etc.. You only need to inform them of savings income if you have to do a self assessment. Most tax payers can earn £1000 in interest before having to pay tax.
Exactly. A video designed to scare people and rile them up by pretending something bad is going to happen when actually nothing is happening at all. The only thing that is happening is that they are trying to catch more people illegally dodging tax which is the reason our public services are underfunded. If everyone abided by the rules it would be fairer for all and our hospitals, schools, social care, emergency services etc would be so much better than they are.
You will have less money than you would have putting in a bank account. You would be getting most of the interest tax free but your mattress gives you nothing extra. But you could lose even your original savings if you had been burgled.
Despite no jobs and people can no longer afford to live, people will be lining up to live off the government. Acquiring $90k monthly is indeed a blessing.
People who have savings are informed annually of the amount of interest earned. You will only be taxed if your total income from pensions and interest exceeds the threshold of 12,500 pa . The tax is not on the capital saved. Please stop this fearmongering which is aimed at the older generation who are not often not fully aware of the tax system. The law has not changed with regards to tax. It is and always has been applied to any money earned ,whichever way, over the personal threshold.
You would need a good bank account paying more than five percent with more than ten thousand in any account. This is the biggest load of tripe on the internet. Do not speak to a financial advisor full stop . They are simply rouges. This should be taken down immediately.
Clickbait title, paying tax on savings interest over £1000 is nothing new 10k in savings is nothing Just put together a spreadsheet and keep track of the monthly interest from savings that accrue interest This site is pure BS
Sick of people constantly trying to make trouble for the government it’s unbelievable every leader in the world doesn’t stand a chance of a time in their job for peace and harmony.
How come i never hear any thing on the news on tv or radio if you didn't have youtube there wooden be all this hipe Didn't hear off anyone getting a letter from the hmrc
We've got old no heating allowance now taking us stopping prescription for them over sixty how much more can he do to the old people of this country there's got to be something done
My savings come from PPIsurance what I paid on my credit cards which I have already paid tax on before I got it. My husband has money that he has from a pension he paid for when he worked and he has only just received. Our money is for a bathroom update and a kitchen update.He has to pay £600 on his state pension this month as it's just over the threshold.
I am the same my state pension went up they 650 of state pension and put that onto my earnings .So that means I am paying Tax on that 650 at 20% . That rubbish the PRIMINSTER say they would not tax the state pension is load of bollxxks
What is UHMRC referred to very briefly; and what is a Pession Rule Change at 3.32. And retiirement 4.26, repeeated 5.26. I’ve stopped here; this is such poor quality how can anyone expect good advice!!
Forcing people to put their money into ISAs etc so they can use your money to make money for themselves. Smart. Rich people never use their own money I’ve just had my UC stopped because I took out a small pension to give to my son towards mortgage down payment because. I’m probably going to end up homeless now 🙈
So if I go on a couple of holidays every year I don't pay any tax but if I save that money to give us security for the future, I have to pay tax! What a corrupt system we endure.
The UK government needs the money to take care of illegal boat people, not to mention Aid to countries like pakistan, nigeria,afghanistan etc so they can continue with terrible terrorist activities 😡
The tax is on what you earn or gain NOT on how much you spend.
You are taxed 20% on everything you spend already. It is called VAT and you are paying that on your holidays as well as most other non essential items. You have always paid income tax on the interest paid to you on any savings account, unless the money is in a tax free account like an ISA. In 2016, this changed so even a regular person on basic rate tax would be allowed to earn £1000 tax free in interest. But on current major bank saving interest rates of less than 2%, you would still need more than £50,000 to be sitting around spare in a bank account which I doubt many people have. I most certainly don’t have anything like that in mine. The richer you are and the more you earn then you may pay some tax but very little, unless you are very wealthy. You never pay tax on your savings. You only ever pay tax on the income you earn from it just like you pay tax on income you earn elsewhere. Nothing different but just sensationalised here to rile people and monetise views.
Un less you are an over paid Westministan ⚓⚓
@@peterhugo2078 Thanks for the facts.
How much does two tier have and does it apply to him and all the rest
Theft
Tax the poor that’s what happens not the ROYALS not the PM s pension. Not the very rich 😢😢😢 NO just the poor
What you need to do if the Westminster Establishment wants to keep taxing everyone apart from their rich friends. Is to leave
Leave then do what ???
@sheilagarthwaite6161 if some can. Imagine moving to a better and more affordable country
And go where?Trumpland ?
if theydo not take our money how can they pay their bosses the unions
Scaremongering. HMRC will know how much tax you owe on savings and will adjust your tax code. The info is passed by banks , building societies etc..
You only need to inform them of savings income if you have to do a self assessment.
Most tax payers can earn £1000 in interest before having to pay tax.
Exactly. A video designed to scare people and rile them up by pretending something bad is going to happen when actually nothing is happening at all. The only thing that is happening is that they are trying to catch more people illegally dodging tax which is the reason our public services are underfunded. If everyone abided by the rules it would be fairer for all and our hospitals, schools, social care, emergency services etc would be so much better than they are.
I’m 69 year old pensioner, wishI had £10000 in savings!!
And Westministan wont ever let you
Wes but if you did , you wouldn’t want anyone with holding your money?
Keep your money at home in the mattress
That won't work. We are going digital money
You will have less money than you would have putting in a bank account. You would be getting most of the interest tax free but your mattress gives you nothing extra. But you could lose even your original savings if you had been burgled.
@ very true , I wasn’t serious about keeping your money inthe matress
@ haha 😛 I know you probably weren’t but some people on here are probably gullible enough to take it as good advice. lol 😂
We are going cash free!
What's different? Savings interest has always been treated as an income source and subject to Tax
Unfortunately I’ve been paying tax for years,over the threshold for a few years,it’s nothing new
Despite no jobs and people can no longer afford to live, people will be lining up to live off the government. Acquiring $90k monthly is indeed a blessing.
How please!? If it’s possible, I would appreciate if you show me how to go about it
Well, I picked the challenge to put my finances in order. Then I invested in cryptocurrency,stocks,through the assistance of mr Marion Robert
Double taxation.
People who have savings are informed annually of the amount of interest earned. You will only be taxed if your total income from pensions and interest exceeds the threshold of 12,500 pa . The tax is not on the capital saved. Please stop this fearmongering which is aimed at the older generation who are not often not fully aware of the tax system. The law has not changed with regards to tax. It is and always has been applied to any money earned ,whichever way, over the personal threshold.
🐂💩
What if all the family have saved all thire saving togather
You would need a good bank account paying more than five percent with more than ten thousand in any account. This is the biggest load of tripe on the internet. Do not speak to a financial advisor full stop . They are simply rouges. This should be taken down immediately.
People have to save for there funeral.
Funeral cost over 8000 thousand pounds. So one has to save for there own funeral if not who else will pay.
Clickbait title, paying tax on savings interest over £1000 is nothing new
10k in savings is nothing
Just put together a spreadsheet and keep track of the monthly interest from savings that accrue interest
This site is pure BS
It is said the PM did a deal and will pay no tax on his pension!
just to make financial advisors more money
Sick of people constantly trying to make trouble for the government it’s unbelievable every leader in the world doesn’t stand a chance of a time in their job for peace and harmony.
So, would that apply to the Prime Minister too?
How come i never hear any thing on the news on tv or radio if you didn't have youtube there wooden be all this hipe Didn't hear off anyone getting a letter from the hmrc
What are Pesson Rule Changes? I thought correct word was Pension! That's other thing that makes me suspicious of this video's accuracy.
We've got old no heating allowance now taking us stopping prescription for them over sixty how much more can he do to the old people of this country there's got to be something done
My savings come from PPIsurance what I paid on my credit cards which I have already paid tax on before I got it. My husband has money that he has from a pension he paid for when he worked and he has only just received. Our money is for a bathroom update and a kitchen update.He has to pay £600 on his state pension this month as it's just over the threshold.
I am the same my state pension went up they 650 of state pension and put that onto my earnings .So that means I am paying
Tax on that 650 at 20% .
That rubbish the PRIMINSTER say they would not tax the state pension is load of bollxxks
Ps the 650 was put on my coalport pension
Is 1000gbp the amount if interest earnt over a year?
How can my Bank give my savings to someone else!
It's not tax on your savings Capital, it is tax due on the interest accrued, this has always been the case.
Get a safe put your money in it
Oh what a load of rubbish,
What is UHMRC referred to very briefly; and what is a Pession Rule Change at 3.32. And retiirement 4.26, repeeated 5.26. I’ve stopped here; this is such poor quality how can anyone expect good advice!!
Forcing people to put their money into ISAs etc so they can use your money to make money for themselves. Smart. Rich people never use their own money
I’ve just had my UC stopped because I took out a small pension to give to my son towards mortgage down payment because. I’m probably going to end up homeless now 🙈
Lol I only wish I had half of that saved 😂
People have heard of Isa’s right lol
rubbish .
This video is clickbait for the uninformed. HMRC tax interest on savings, this is nothing new. Peak right-wing Starmer bashing. Don’t be conned.
so you saying dont keep no money. tax tax tax nothing else talk about
More lies