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How To Avoid Paying Tax On Your Savings Interest

Carl Roberts 358 views

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Apologies for the confusion around the Gilt shown in the HL section This isn't actually a Gilt but a Strip instead and is subject to tax however the principle applied in the calculations are still appropriate to Gilts that you buy at a discount No CGT applies
Comment from : @carlrobertsonmoney

Remove all your savings immediately from the UK!
Comment from : @stevenbatley8666

The God who saved the Israelites is the same God we have today No matter how hopeless our situation appears we can trust Him to redeem and renew us 🙏 🙏
Comment from : @patwarburtonr7488

Good video 👍 Learned something Thanks
Comment from : @beaverundercover3479

Would you add investment bonds as a 7th way?
Comment from : @SueLyons1

This disgusting! They are coming after everything
Comment from : @ssssh0579

Thank you for a clear and concise video, this is the first time I have fully understood the ins and outs of tax system regarding savings
Comment from : @ebbonfly

Great advice, apart from premium bonds I had 30k in there for 2 years Won £125 in all They just aren’t worth it
Comment from : @garywilson6047

Thank you extremely useful I learned quite a lot
Comment from : @Catherine-g8c1g

Good explanations many thanks😊
Comment from : @dawnreed4855

Stop avoiding taxes, it is our duty to pay them, our democracy will founder on the rock of your greed
Comment from : @simondalton-vr9vw

I r just realised you pay tax on interest from savings This is totally unfair What is the point in looking for a high interest savings Account if almost half of it is taken away in taxes?
Comment from : @maynardgent6708

slow start , but finished very strongly, excellent presentation will be looking into savings balance, pension use and gilts through HL,,, thank you
Comment from : @andrewsmyth6027

HAITCH?? Correct English please
Comment from : @UncleBoko

Nice one Don Carlo👍
Comment from : @lubo9094

Pure evil
Comment from : @ThatPinkPanther

Dont we get ripped off
Comment from : @richardmills6505

There should be policies against paying taxes on social security, double taxation is illegal and that is exactly what is happening SS recipients have already paid taxes on the wages when they were working and now when retirees desperately need this income the most to live the government gives them the shaft! Retirement may become a problem for Americans
Comment from : @tonysilke

Gold all day long Go for something physical outside the system As all these are vulnerable to a crash Forget the government paying you back 😂
Comment from : @MatthewBailey-oy7lu

Cool
Comment from : @gGabrielleRuiz

I had never heard of the "Personnal Savings allowance" before So I have been looking at my on-line HMRC tax declaration in an attempt to find this, but to no avail How can I claim it and get the tax back also from previous years?
Comment from : @Antonnick

Hello , With the new ISA Laws Can I have more than one ISA to the limit of £20,000 For instance can I have a Cash ISA with £20,000 and another ISA Stocks and Shares with £20,000 with a Total of £40,000 I think I know what the answer is Going to be
Comment from : @robertmatthews4124

She is not qualified to carry out her duties, not a CharteredbrAccountant, not an MBA and has no financial training furthermore she lied on her CV
Comment from : @lionelrobson1476

On the Self-Assessment Tax Return form under the section 'Tailor your return', Page 2 of 3 there is a question: ''Did you receive any interest, for example, from UK banks, UK building societies, UK unit trusts ( or untaxed foreign interest up to £ 1000)? YES or NO? brIf you have a regular savings account ( NOT an ISA account ) you will always earn some interest no matter how much it will be Does that mean that I need to answer the question above 'YES' even if I earn interest below the £1000 threshold ( the personal savings allowance for basic taxpayers)? And if ‘yes’,do I just put the number of the interest and if it’s below £1000 I automatically don’t pay and if above £1000 how it will be calculcukated?I would be really grateful if someone could clarify this for me Thank you
Comment from : @miraflorova8487

Fine to avid tax as long as you don’t moan about the infrastructure or NHS or police or army
Comment from : @richardcoomber925

Do you get psa allowance aswell as dividend allowance on shares?
Comment from : @philipashton1443

Joint account, splits the interest liability down the middle I wish I knew that years ago
Comment from : @andrewrharker

Very useful! Thanks Some of these I have never thought about
Comment from : @ryanharriss7950

I Ave stopped pay tax on gv because I am not funding war
Comment from : @Itthetruth

Pensioners shouldn't be paying tax, period, they've been paying tax during their working years What about politicians???
Comment from : @davisnicholls8714

Carl best financial video I have seem I have ISA I have pension with Vanguard and using their Money market fundbrPremium bonds is a possibility I have been thinking about for a whilebrBut government Gilts is a great idea So thank u for sharing your kind and knowledgeable advicebrDo u know a good accountant?brHappy new year
Comment from : @baz10510k

Are you trying to tell me that the meagre £25 interest per month would be taxed ………?
Comment from : @davidluck4608

The coverment will have the savings they want us on the bones of our arse
Comment from : @berylrobinson3284

Useful and informative, good job :)
Comment from : @ElectronicsRobotics-pe9sp

"We're gonna run frew what those ways are" "Ways you can build welf"? WTF is 'welf'? Seriously, you became a youtuber when you can't even speak English better than a 3 year old???
Comment from : @mymobile5014

You could get a law created just for yourself like Starmer did to avoid paying tax on his pensions
Comment from : @cosworth6nut

Great channel well explained!brI have a Question for clarifying please?br I'm receiving state uk pension £11570 year i have interest from savings approx 25k year do i need to pay tax or submit tax self assessment for 2024? Or 2025?
Comment from : @FighterPilot1945

Cheers mate Great advice Subscribed!
Comment from : @psychedelicfishheadpoop869

Post election is one of those things that could really contribute to portfolio growth and vice versa I've been going hard with my investments this year and have been able to build up to 180k, Are there tips I could apply to help me grow my portfolio even more during this election season?
Comment from : @carlossoler-m4y

I personally don't bother with a pension anymore My workplace pension has a limit of between £3-4k a year before I have to pay tax on what I'm putting away which is completely unfairbrbrNot only that, but my pension literally wouldn't allow me to retire and there's no guarantee that the state pension would be there in the futurebrbrI'm personally investing my money into a S&S ISA I've only just started at the age of 30, but with what I'm putting in, I could retire before I hit 60 with the estimated returnsbrbrI also have other investments which whilst quite risky, if the economy is going to change massively over the next few years, I'll be in for a huge pay day and I'll be set for life I'll have no choice but to pay income tax on it, but that won't matter
Comment from : @_--____--______--___

Often, when you try to invest at a higher interest rate, your capital may be at risk Greed is often behind people losing their savings
Comment from : @Annie-ez4ol

I've got 2500 hard earned pounds in premium bonds for a year and have won absolutely zero
Comment from : @IwasBraveFor2WholeSeconds

I am a retired 80 year old severely disabled man with approx £20k of savings is this amount of money going to result in my benefits being cut I receive State Pension, disability allowance and pension credit
Comment from : @petermccarthy3166

Thank you for the information Very interesting
Comment from : @robinmoncrief2470

Pensions are a con, you might get tax relief on your intial contributions but you pay tax on when you receive it
Comment from : @jamie1944

Is anyone on 14k a year really going to be receiving 5k interest on their savings?
Comment from : @ozymandias9234

Hi Carl, is it possible to contact you directly? Really great video
Comment from : @stuford

what savings😢
Comment from : @royterry8927

Take it out in weekly amounts and put it in a safe!
Comment from : @leejohnson-x3i

Thieving b@57@rds
Comment from : @tonyleedham5462

I just hate it when my taxes goes to illegal asylum seekers staying warm in hotels while I watch how much I spend on heating
Comment from : @bella-wt6xo

what a rotten and greedy lot this Starmer Government is
Comment from : @davidkidd368

Get your cash and hide it from this Marxist government!😉😉😉😉😉😉😉😉
Comment from : @loritabarber-iw3fy

I would go for something like Bitcoin to invest in as it’s a great and better investment return back from it ok
Comment from : @andrewgeorge5805

Not Sharing Money With the Partner Adult Children And Grand Children And Teenage Son Husband has to have his Own Account He is 67 With his Own Money❄️🎉❄️🎉
Comment from : @amanarunganaikaloo1470

Unfortunately, Hargreaves Lansdown tell me they will no longer allow individuals to buy UK Treasury Strip you refer to after 12:30, despite listing it as available Such a shame!
Comment from : @ianderrick2257

how to be a crook
Comment from : @tiirath7601

Tax laws can be so complex, and it’s super helpful to break them down like this Understanding how different policies can impact our finances is crucial for making informed decisions
Comment from : @IamJonny-o4v

*What can we Voters ACTUALLY DO to stop the £££ Corrupt/Evil Liebour Govt??????????????????????????? :)
Comment from : @ChrisGroggyCreaser

I Hit 110k today Thank you for all the knowledge and nuggets you had thrown my way over the last months Started last month Financial education is indeed required for more than 70 of the society in the country as very few are literate on the subject thanks to Wendy Hubbard Stewart for helping me achieve this
Comment from : @Georgefaller341

Thank you Very interesting presentation I liked your method of delivery and contents explanation Well done
Comment from : @mustaphalaroussi6923

Hi carl, I have come into £30,000 to invest from family inheritance I am putting around £200 a month into S&S isa and have £6000 ISA allowance left If i was to put this money into cash savings i would end up paying tax on the interest What would you recommend doing with the money? Do you think i should put the £6000 into S&S isa or into a LISA maybe? Any advice would be appreciated, Thanks
Comment from : @alicestarkey-u4y

I n disabled and have a difference of about 6k HMRC asked me to pay tax on the k! if i am entitled to a personal tax allowance on savings? Please advise This makes me short of funds to live and pay my carers i am allowed a Personal allowance on my small saving interest?
Comment from : @SusanaDaCosta-v6q

Hi Carl, we're new to your presentations, great video,very informative thanks We've looked at the HL site & App and there seems to be different types of Accounts Which one would we need to sign-up to for us to be able to buy Gilts such as you recommend A "Fund & Share Account" for example? Many thanks in advance!
Comment from : @petermanock711

My parents had a considerable amount of premium bonds and on average they won £25 every 3 months When they died I inherited the bonds and decided not to cash them in for a year (only 1 year allowed) I won just 1 £2500 That seems to be the story of my life😅
Comment from : @goldbargurl3991

Carl - discovered your channel today Interesting video brWhat do you advise if someone has £1m cash in savings? brCurrent interest rates provide a tidy monthly sum But how to minimise tax with this lump sum? brbrI’ve maxed out flexible ISA and premium bonds already
Comment from : @N24-l5i

Yes the govt always got to win, like a spoilt child
Comment from : @phillipbailey9615

Re - ISA’s Can you open more than one ISA (in different banks) in the same tax year as long as it’s £20k max in each ?
Comment from : @markstarmer3677

Every pound less tax we pay is a pound less for services I think the past decade has shown us what happens to the country when services are run into the ground The patriotic thing to do is pay your tax not avoid itbrAnd it's aitch not haitch
Comment from : @barrysteven5964

How to make our country poorer
Comment from : @andrewmasterman372

Very clear and helpful, especially on gilts Thank you
Comment from : @HughJason

Carl, Love the video and very informative I always thought I was on top of the rules to avoid tax but have learnt a few more things 👍
Comment from : @andymann4936

Don't ever do government bonds Paper currency collapse is inevitable
Comment from : @paullewin8615

That was all crystal clear Knew some of it already but had it confirmed Best of all, learned a few new things Thank you! Liked and subscribing
Comment from : @user-yq2wk6yg8s

Get your money out of the bank job done no tax paid yippee simples works for me interest is shit so why would you leave your money in the bank they invest it anyway with out your concent
Comment from : @stanleystuart2008

🎉useful absolutely
Comment from : @kennywan1112

If I die, can my wife inherit my ISAs and maintain them in her own name?
Comment from : @george11419

Thanks
Comment from : @robertatcheson7320

Thanks very nicely produced video It may need some revision following the next budget if the rumours are to be believed
Comment from : @Chris-f7s2y

It’s no wonder the tax take on savings has gone up coz the interest rates have improved since last year This means more savers are exceeding their allowance
Comment from : @Chris-f7s2y

Thank you for very useful information
Comment from : @sathim11

Hi allbrbrJust to clarify matters given I've been sent my interest / tax for the 2023/2024 yearbrbrI'm due to pay £5280brbrI have two optionsbrbra) pay outrightbrb) in the 2025/2026 tax year it is taken off in 12 installments from my paybrbrHope this helps matters undertand how and when it goes out / paid
Comment from : @Thetoon25