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| Thread ID: 114288 | 2010-11-26 02:31:00 | Resident Withholding Tax | legod (4626) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 1156637 | 2010-11-26 09:08:00 | So I got a letter today from the IRD telling me that the rate I'm on for my RWT on the interest in my bank account is wrong and that they will be increasing it. First I knew about it but 2 things spring to mind. Firstly, how many people end up being on the wrong rate after a while when their income increases? I bet loads - given the fact the last labour govt dragged their feet when it came to increasing the tax bands. Secondly, surely a flat tax (or no tax) on interest earned on bank accounts would remove all the unnecessary bureaucracy and paperwork on this, you'd think. Your bank is not doing its job. They should of notified you. I have some money invested not in a bank and was notified RWT was being increased. :) |
Trev (427) | ||
| 1156638 | 2010-11-27 08:28:00 | I pay no tax on my bank account left in the UK :) Come to think of it I rememeber the first 2000 quid earned was untaxed and if you were on a low income ie retired, uemployed etc below a certain thresehold it was tax free also. I don't know what the new Tory/LibDem govt has done to tax rates in the UK but under Labour if you were a pensioner you didn't pay tax on the first 7000 quid. |
martynz (5445) | ||
| 1156639 | 2010-11-27 19:32:00 | I don't know what the new Tory/LibDem govt has done to tax rates in the UK but under Labour if you were a pensioner you didn't pay tax on the first 7000 quid. I think your getting confused with interest on saving and personal income tax? The UK tax system is a bit more complex than the NZ system of you pay from when you are born and pay tax on everthing earned or purchased. You dont get a tax number (National Insurance its called) until you reach 16 in the UK. Here you get one at Birth :illogical |
coldfront (15814) | ||
| 1156640 | 2010-11-27 19:42:00 | And how many people do this for their personal accounts? Not uncommon. If you have been temping or change/diff of jobs ... then you should b/c the job tax you annualised. That is if you earn approx 50k PA but the contract was only 3 months, they tax if you are earning 50k PA so if you had 1 or 2 months off before you got a new job obviously your annual come might be lesser than PA. |
Nomad (952) | ||
| 1156641 | 2010-11-27 19:45:00 | Your bank is not doing its job. They should of notified you. I have some money invested not in a bank and was notified RWT was being increased. :) Banks should send you a pamphlet in the mail with your statement. Also if you have opt out of that, when you sign onto internet banking, there is a info page just before getting to your account details. It gives you the option to change with links for more info. If you skip that ... well...... That's the banks I am with. |
Nomad (952) | ||
| 1156642 | 2010-11-27 20:38:00 | Interest is something I pay to the bank not earn so I don't have that problem,. x2! |
Tukapa (62) | ||
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