FabGuys.com forum: Savings

By *inimee1 OP Man
5 weeks ago

im near you sedgleynow nn15

What a waste of time, you pay tax on your income then tax on your savings, why do we bother

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By *astDevonGuyMan
5 weeks ago

Seaton

"What a waste of time, you pay tax on your income then tax on your savings, why do we bother "

Personal financial security

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By *ust4inchesMan
5 weeks ago

Shrewsbury

"What a waste of time, you pay tax on your income then tax on your savings, why do we bother "

How are you paying tax on your savings?

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By *inimee1 OP Man
5 weeks ago

im near you sedgleynow nn15

You pay tax on your interest

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By *arlojoeMan
5 weeks ago

darlington

"You pay tax on your interest "
have you not heard of a cash Isa?

You can save 12k per year tax free.

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By (user no longer on site)
5 weeks ago

"You pay tax on your interest have you not heard of a cash Isa?

You can save 12k per year tax free."

Isn’t it 20,000

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By *DCambsMan
5 weeks ago

Cambridge

"You pay tax on your interest have you not heard of a cash Isa?

You can save 12k per year tax free."

This 👆

Also, the Personal Savings Allowance (PSA) lets most people earn up to £1,000 in interest without paying tax on it. At current savings rates, basic-rate taxpayers need around £20,000 in the top easy-access savings account to exceed the allowance.

So, if you are paying tax on your savings, taking full advantage of the PSA and your Cash ISA annual allowance, then you're not short of a bob or two.

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By *eedsbearmanMan
5 weeks ago

Leeds

"You pay tax on your interest have you not heard of a cash Isa?

You can save 12k per year tax free.

Isn’t it 20,000"

It's changing from 20k any isa to 12 max in cash, but still 20k overall cash and stocks/shares isa.

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By *DCambsMan
5 weeks ago

Cambridge

"You pay tax on your interest have you not heard of a cash Isa?

You can save 12k per year tax free.

Isn’t it 20,000"

At the moment, yes. Changes in April 2027 when it will be £12k for under 65s, but still £20k for 65 and older.

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By *upertedMan
5 weeks ago

Nelson

Maximise your ISA allowance.

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By *tar33Man
5 weeks ago

North London (outer)

[Removed by poster at 24/02/26 07:56:41]

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By *andwich200Man
5 weeks ago

sandwich

You can pay £20,000 into an ISA this tax year and £12,000 in the next

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By *tar33Man
5 weeks ago

North London (outer)

I'd think twice about investing in a Stocks & Shares ISA right now, in fact I sold years worth last week when at an all-time high. A crash is coming before the end of the year.

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By *V ShazTV/TS
5 weeks ago

Haydock

And when you withdraw from the ISA and place it into another account you get a bigger tax bill as the interest has accumulated...

And the bank can stop you to withdraw all your own money without asking questions. Look at their terms and conditions.

Inheritance tax...

tax is going digital. No way out.

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By *ust4inchesMan
5 weeks ago

Shrewsbury

"You pay tax on your interest "

Correct. So no tax on your savings.

(You said your savings are taxed.)

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By *tar33Man
5 weeks ago

North London (outer)

"And when you withdraw from the ISA and place it into another account you get a bigger tax bill as the interest has accumulated...

You're not taxed on money when you withdraw from an ISA, you're taxed on internet earned outside the ISA.

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By *ajkumarkapoorMan
5 weeks ago

England

"I'd think twice about investing in a Stocks & Shares ISA right now, in fact I sold years worth last week when at an all-time high. A crash is coming before the end of the year."

May I know what crash do you mean? Thank you.

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By *LASGOW 60s GUYMan
5 weeks ago

Glasgow

"I'd think twice about investing in a Stocks & Shares ISA right now, in fact I sold years worth last week when at an all-time high. A crash is coming before the end of the year.

May I know what crash do you mean? Thank you. "

Financial markets are always a risk. The May elections could pull the rug from under the markets and turn the whole thing upside down

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By *now manMan
5 weeks ago

near

ISA ok to get 3-5% but leaving 20k stagnant for a year to get less than a grand just not worth it, why not use your money without loosing it edge against inflation, work with your money and keep it all, gold coins are CGT free and still rising every day

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By *astersteve906Man
5 weeks ago

Near Lutterworth

You don't pay tax on money paid into a pension scheme. You don't pay tax on your lump sum taken from your pension scheme and you don't pay tax on money taken from your ISSA!

Yes stock markets can go up and down, Covid proved that but overall they will climb if you invest in a medium risk plan with a spread of stock around the world your generally in a good position.

Happily retired at 54 and still have a good income and more capital than I had 10 years after.

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By *q oralistMan
5 weeks ago

Torquay

"What a waste of time, you pay tax on your income then tax on your savings, why do we bother "

Use your ISA allowance

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By *ornybisubslutMan
5 weeks ago

Coventry

Your savings aren’t taxed the interest is. If you’re a basic rate tax payer you’re only taxed once you’ve earned £1000 in interest.

Used your ISA allowance that’s best thing.

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