I wish they’d spent more time fixing the regular saver application process and less on a rebrand
The transferring to FlexPlus process on mobile also having some issues for me. But they have offered me £50 for the trouble (which I’m accepting, since I got it working on desktop)
I submit an annual tax return and it asks me how much interest I earned in the relevant year. For me it is a ‘faff’ as I spend ages going through all accounts trying to add everything up, as I don’t want to put in the wrong total, even though it’s always been under £1000 (but may not be this time). I’d be much happier if they just automatically took anything due out of my PAYE salary (which I also have).
2 Likes
They do, if you don’t do self-assesment. If you know the amount is under £1000 what’s the harm in declaring £999?
it’s a criminal offence to lie to HMRC, even if the lie ultimately results in 0 changes
the one person i’ve held a long principle of never getting on the bad side of, is the taxman. are they going to be audited? probably not, if they do, they will be asking for their receipts though!
1 Like
I’ve never heard of anybody being sanctioned for declaring too much income to HMRC.
I could have tried putting £999 in previous years and it might have been fine, but feel cautious about knowingly reporting an inaccurate figure. This year I can’t do that as I think savings interest may be over a grand (but I’ll have to add it all up to check- definitely a faff). Maybe I should just pay an accountant to do my return.
I’m guessing the switching bonus for moving to nationwide isn’t taxable.
1 Like
You should be able to ask each bank for a net interest statement, Chase definitely provided one to me when I asked last year
It’s not, they’re considered “discounts” because it’s favourable to encourage switching, probably. Definitely a political classification
1 Like
Right, but I consider it to be a faff even just having to contact all six banks where I have at least one and usually multiple interest-paying accounts, ask for and get the relevant total gross interest statement for each account, then add up these figures.
1 Like
Put it into an ISA?
Thanks arnie7, I have some cash ISA and investment ISA savings, but if I tried to move all savings to ISA products I’d go over the subscription limit. Plus the interest rates don’t seem to be as good (why’s that?) I don’t mind paying the tax, just would be easier if they did the calculations for me and took any payment from my salary (like they do for most people). I’m employed part time and also have some self employment income. It’s not a big deal, just one of those things.
Don’t know if it’s viable for you but you could put the investments into a SIPP which can largely work like an ISA once you pass 55 (58 soon). That would free up some ISA allowance for you.
1 Like
Because it’s less competitive; they can get away with offering less, basically. It gets worse if you look at LISAs or Help to Buy ISAs, where the mick taking gets huge.
1 Like
Arnie7 I never considered a SIPP before but they do look interesting for long term investments (I’m still a good way away from 55), thanks for mentioning it.
It has actually always been in the statements section and well summarised. Next year don’t waste time asking them for it.
1 Like
Not sure about that, pretty sure I looked and didn’t see it. But it was early days, maybe they just hadn’t generated it yet
I don’t have chase, my recollection is that for at least some banks I have to do an online chat to ask for it for each account, there was no other way.
I sympathise with your position. Tax is personal to all. Like you, I consider what you describe as a “faff” because I’ve been in the same position. I have a healthy relationship with HMRC and I’m not one for lying to them either, about any of my earnings. You do what you feel comfortable doing. 
3 Likes
Blink and you’d miss it 