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Reply 20

Joey_Johns

4Ed

no, you pay when you want to.

I would advise against an ISA if you have more than £1000 a year to invest as that is all you can save tax free now.

Reply 21

Clearing and Applications Advisor

Joey_Johns

I would advise against an ISA if you have more than £1000 a year to invest as that is all you can save tax free now.

But of course as a student with less that £4000ish pa income you'd be exempt from paying tax on *any* interest earned.

Reply 22

4Ed

Joey_Johns

I would advise against an ISA if you have more than £1000 a year to invest as that is all you can save tax free now.

is it? i wasn't aware of that.....

i was going to put a few thousand into my ISA to get some interest for uni...
don't see the point of Premium Bonds for money that's all going to be used up withing the first year :biggrin:

Reply 23

4Ed

Pencil Queen

But of course as a student with less that £4000ish pa income you'd be exempt from paying tax on *any* interest earned.

but don't forget that students do have to pay tax...

unless you earn 4745 pounds a year in interest, you should be fine. and this is the tax year we're talkign about, not the calendar year.

Reply 24

Geogger

Joey_Johns

I would advise against an ISA if you have more than £1000 a year to invest as that is all you can save tax free now.

Not for this financial year, I think the £1000 limit is for next financial year Starting April 2005, it is still £3000 for this year.

Reply 25

Joey_Johns

4Ed

YEs, I am not sure if it has come into swing yet, but the government is def limiting the tax free savings up to 1k a year either now or april 2005, i'd ask you bank before you do put your earnings in it or you might get stung.

Reply 26

PublicSchoolAnn

Thanks all for your posts. They are appreciated and very helpful. Well played team!
ANN.

Reply 27

Clearing and Applications Advisor

4Ed

but don't forget that students do have to pay tax...

unless you earn 4745 pounds a year in interest, you should be fine. and this is the tax year we're talkign about, not the calendar year.

isn't that exactly what I just said in the post you were replying to? (albeit with a very very approximate ~)

Reply 28

Clearing and Applications Advisor

PublicSchoolAnn

Well played team!
ANN.

Jolly hockey sticks! Ginger beer anyone?

This isn't a game it's an internet forum - we're not playing and we're not a team.

Patronisingly little comments like these will only reinforce peoples stereotypical opinions of you....although I'm guessing from the name you've chosen that that is either something you want to encourage or you're play acting.

Reply 29

4Ed

Pencil Queen

isn't that exactly what I just said in the post you were replying to? (albeit with a very very approximate ~)

yeah stupid me.... what a pointless post. :tongue:

I'm going to be over the tax limit this year anyway, since i'll have been earning between april and august. so i might get taxed on interest, though i'm not really sure how tax on interest is calculated....

sorry to offend.

Geogger

Not for this financial year, I think the £1000 limit is for next financial year Starting April 2005, it is still £3000 for this year.

It's a maximum of £3,000 each tax year until 5th April 2006, then it is reduced to £1,000 per annum.

Reply 32

4Ed

Chris_

It's a maximum of £3,000 each tax year until 5th April 2006, then it is reduced to £1,000 per annum.

was there any reason for this? announced in brown's budget no doubt...

Reply 33

Danithestudent

Just a random note but my mum said that you can't get ISA's anymore.

Reply 34

4Ed

Danithestudent

Just a random note but my mum said that you can't get ISA's anymore.

did she explain why?

Reply 35

Danithestudent

4Ed

did she explain why?

Nope, she said it was just a temporary thing.

Don't ask me, she's the accountant

Reply 36

....

My dad took an ISA out just the other day, Dani!?

There was a big rush to do it before the new financial year or something. Lots of people were after them.

Reply 37

I have quite a lot in Premium Bonds - mostly gives as gifts, but I'll probably cash them in and invest the money in my new account now my "Kidz Saverz" account has run out with the Bradford and Bingley (it had a very good interest rate).

Reply 38

I'm thinking of putting my money in an ISA.

Reply 39

Danithestudent

Gimp

My dad took an ISA out just the other day, Dani!?

There was a big rush to do it before the new financial year or something. Lots of people were after them.

DON'T SHOUT AT ME. Hehe, no honest to god I just asked my mum about something PQ told me which sounded like a good idea (Taking your overdraft and sticking it in a high interest savings account and then putting everything in an ISA during the hols) but she said you can't get them anymore.

So don't shoot the messenger...because she isn't the one that said it in the first place.