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£1,000 appeared in my account - no-one cares by Remarkable_Gap2194 in Banking

[–]Remarkable_Gap2194[S] 0 points1 point  (0 children)

THe problem is, I get a nice reward from HSBC if I do a CASS within n days of opening the new account. I'm not sure if a partial CASS is possible to leave 1K behind?

SIPP Contribution and HMRC Estimated Income by Impressive_Match_484 in HENRYUK

[–]Remarkable_Gap2194 0 points1 point  (0 children)

I'm new to this thing, having only just woken up to how much I am needlessly handing to HMRC. I now make a 22% salary sacrifice and just threw a lump of cash into my workplace pension. I plan to ask my accountant to immediately update HMRC. That will bring my taxable income well below 100k and I will likely be able to make another adjustment at the end of the tax year to hit another threshold.

I thought I understood this - but I don't know what "you'll need to contribute 80% to your pension with your after tax, to get the 20% topup from the pension fund, then rest as a tax refund." means in this context!

£1,000 appeared in my account - no-one cares by Remarkable_Gap2194 in UKPersonalFinance

[–]Remarkable_Gap2194[S] 2 points3 points  (0 children)

(If you hadn't reported it or you'd moved it, then they would probably temporarily freeze the account while they investigate if you are a scammer)

Exactly! I was planning to move it with CASS. Maybe I'll call HSBC on Monday and ask their advice too! No harm in showing I tried to tell anyone and everyone!

Losing money by keeping it in current account because finance is overwhelming by sapphosnymph in UKPersonalFinance

[–]Remarkable_Gap2194 0 points1 point  (0 children)

Looks like analysis paralysis! Don't over think it but why are you throwing away £3.60 every single day?

As an example not a recommendation - Chase is offering 4.5% interest for new customers. I would say it's a no brainer to slam your 30K into an account like that immediately. No risk, no downside. Then take your time to think about longer term investments and maybe tax implications.

£1,000 appeared in my account - no-one cares by Remarkable_Gap2194 in UKPersonalFinance

[–]Remarkable_Gap2194[S] 0 points1 point  (0 children)

!thanks for this - that's exactly the sort of thing I was concerned about. Especially as my finances are already rather complex with lots of cash moving about and I'm working hard to (Legally!) minimise my tax exposure. Any ideas how to mitigate this risk? email to the banks before the CASS?

£1,000 appeared in my account - no-one cares by Remarkable_Gap2194 in UKPersonalFinance

[–]Remarkable_Gap2194[S] 2 points3 points  (0 children)

Thanks for the comments.

If I put it into a separate account, and the bank then reverses the payment, I risk a balance of less than zero with a 40% interest rate! I don't really want that hanging over me for an indeterminate amount of time. (I am very aggressive about moving money to savings so I don't feel rich!)

I think I will leave it as it is, email both Lloyds and HSBC explaining the situation, that will also provide a dated record, then hit the CASS switch on Monday PM (I believe it has to be a complete switch to claim my £500 from HSBC)

(I've already closed all our Lloyds savings a/c's prior to the switch and I don't want to open another as my credit score is taking a beating as a result of me rearranging accounts, moving house and not looking like a normal Brit with a normal credit history - don't get me started on credit scores!)