|
|
Post by JohnY on Oct 13, 2023 22:56:49 GMT
"the Lord gave, and the Lord hath taken away" Within 24 hours I have two computer generated letters from HM GOV. The first tells me that I am about to receive a winter fuel payment and some other over 80 pension benefit all to the total of £600. The second tells me that I have not paid enough tax on my savings interest for the year 2022-23. Not by a lot but definitely over the £1000 tax free limit. The good news is that I get a net amount in the very approximate figure of £400 and that is more than I expected. But WTF I made more than £1000 profit on savings in a year when interest rates were low and they pay a benefit that I didn't apply for or expect. This is daft on two counts. - The tax free limit on savings has been frozen although the allowance was introduced to encourage savings.
- They are giving away a benefit to people who are not quite rich but nevertheless not exactly hard up.
Now how should I spend the dosh. |
|
|
|
Post by willien on Oct 14, 2023 9:08:32 GMT
You did not make a profit on savings you merely mitigated, to some extent, your losses to inflation.
|
|
|
|
Post by lesleysm2 on Oct 15, 2023 20:32:47 GMT
Nikkor lens fund
|
|
|
|
Post by MJB on Oct 15, 2023 21:01:04 GMT
Give it to a refugee charity.
|
|
|
|
Post by Ivor E Tower on Oct 16, 2023 19:06:23 GMT
I've lost count of how many letters I have had from HMRC altering my tax code over the past 14 months. About 3 months ago I received a refund of just over £300 for overpaid income tax for the tax year 2022-2023. Two weeks ago I received another letter saying I had underpaid income tax in the tax year 2022-2023, this included the refund in their calculations, and they will be amending my tax code to claim back the under-payment. I've rarely come across any organisation less competent than HMRC
|
|
|
|
Post by mick on Oct 17, 2023 7:01:58 GMT
I've rarely come across any organisation less competent than HMRC Then you are sadly lacking in experience. The DWP, especially those dealing with Universal Credit, show breathtaking incompetence.
Example: A lady that I was helping with her UC claim has two "qualifying" children. Her claim said so, and all necessary proof was supplied. Her first payment excluded the Child component, and we had to have a fight to get it paid. We got no apology or even an admission that they had made a mistake.
Second example (A different lady). This lady is a registered carer and receives carer's allowance. She got a text from DWP, in quite threatening tones, to attend an interview. I went with her, and it turns out that the intended interview was to do with finding a job. Registered carers are exempt from job seeking. Even the agent we saw was embarrassed.
Mick
|
|
|
|
Post by spinno on Oct 17, 2023 8:09:28 GMT
DWP management is renowned for bullying staff, it has exported managers to other departments with disastrous results- see Lesley's issue with the VOA. Any organisation that has an expected "churn" of staff in excess of 20% per year is not going to maintain efficiency especially when none of the managers have ever worked in the department, not do they understand the work the department does.(using the VOA as an example)
|
|
|
|
Post by Chester PB on Oct 17, 2023 22:08:21 GMT
My HMRC tax codes are a pain because the tax year starts on the 5th of April, and the DWP pay state pension 13 times a year with each payment being for 4 weeks, so any change in the state pension never occurs at the same day at the start of the tax year. A clear case of a lack of 'joined up thinking' that means I can never get my total income (state pension plus a monthly sum from a private pension drawdown) to exactly match my tax allowance, so there is always a small over or underpayment of tax to further complicate the tax code for the next year.
Perhaps I'm fortunate that my interest earned on savings, even at the recent 'higher' rates, will not be anywhere near £1,000...
|
|
|
|
Post by mick on Oct 18, 2023 8:01:57 GMT
My HMRC tax codes are a pain because the tax year starts on the 5th of April, and the DWP pay state pension 13 times a year with each payment being for 4 weeks, so any change in the state pension never occurs at the same day at the start of the tax year. A clear case of a lack of 'joined up thinking' that means I can never get my total income (state pension plus a monthly sum from a private pension drawdown) to exactly match my tax allowance, so there is always a small over or underpayment of tax to further complicate the tax code for the next year. Perhaps I'm fortunate that my interest earned on savings, even at the recent 'higher' rates, will not be anywhere near £1,000... Why would you want your income to "exactly match" the allowance?
Mick
|
|
|
|
Post by peterob on Oct 18, 2023 8:17:25 GMT
My HMRC tax codes are a pain because the tax year starts on the 5th of April, and the DWP pay state pension 13 times a year with each payment being for 4 weeks, so any change in the state pension never occurs at the same day at the start of the tax year. A clear case of a lack of 'joined up thinking' that means I can never get my total income (state pension plus a monthly sum from a private pension drawdown) to exactly match my tax allowance, so there is always a small over or underpayment of tax to further complicate the tax code for the next year. Perhaps I'm fortunate that my interest earned on savings, even at the recent 'higher' rates, will not be anywhere near £1,000... My recollection is that the state pension income that you have to declare is 52x the weekly amount communicated to you by letter (probably in March) irrespective of how much you receive, although the sums should match. |
|
|
|
Post by mick on Oct 18, 2023 8:27:38 GMT
I think that your recollection is entirely correct,
Mick
|
|
|
|
Post by JohnY on Oct 20, 2023 8:31:55 GMT
My HMRC ... Perhaps I'm fortunate that my interest earned on savings, even at the recent 'higher' rates, will not be anywhere near £1,000... Only if you have lots of ISAs. I'd rather have 80% of something than 100% of nothing. |
|
|
|
Post by JohnY on Oct 20, 2023 8:50:41 GMT
DWP management is renowned for bullying staff, it has exported managers to other departments with disastrous results- see Lesley's issue with the VOA. Any organisation that has an expected "churn" of staff in excess of 20% per year is not going to maintain efficiency especially when none of the managers have ever worked in the department, not do they understand the work the department does.(using the VOA as an example) Morale in an organisation with over 20% annual churn of staff must be dismal. The average level of job knowledge cannot be good; it cannot build up with experience. Managers with no knowledge of the job being done never command respect even if they have management skills. How has the situation become so bad? |
|
|
|
Post by zou on Oct 20, 2023 9:00:14 GMT
DWP management is renowned for bullying staff, it has exported managers to other departments with disastrous results- see Lesley's issue with the VOA. Any organisation that has an expected "churn" of staff in excess of 20% per year is not going to maintain efficiency especially when none of the managers have ever worked in the department, not do they understand the work the department does.(using the VOA as an example) Morale in an organisation with over 20% annual churn of staff must be dismal. The average level of job knowledge cannot be good; it cannot build up with experience. Managers with no knowledge of the job being done never command respect even if they have management skills. How has the situation become so bad? Tory management? |
|
|
|
Post by spinno on Oct 20, 2023 9:01:47 GMT
DWP management is renowned for bullying staff, it has exported managers to other departments with disastrous results- see Lesley's issue with the VOA. Any organisation that has an expected "churn" of staff in excess of 20% per year is not going to maintain efficiency especially when none of the managers have ever worked in the department, not do they understand the work the department does.(using the VOA as an example) Morale in an organisation with over 20% annual churn of staff must be dismal. The average level of job knowledge cannot be good; it cannot build up with experience. Managers with no knowledge of the job being done never command respect even if they have management skills. How has the situation become so bad? Because they started bringing in external "bright minds" from other Government departments. The VOA is a specialist organisation dealing with property values for different purposes. |
|
