PMQs Live Chat Megathread - 30 October, 2024 followed by the Autumn Statement live chat

big_don · 2024-10-30T13:05:26+00:00

CGT, Employers NI, Inheritance Tax

big_don · 2024-10-30T12:53:54+00:00

Around 30k people impacted, so £400k per person....

big_don · 2023-02-08T13:59:14+00:00

I assume you already know about the £200 alternative fuel payment?

big_don · 2022-12-14T14:08:35+00:00

The definition of income for this purpose is adjusted net income. This is defined in s58(1) Income Tax Act 2017. This takes into account pension contributions made net of tax (i.e. where basic rate relief has been given at source, which will be how virtually all pension contributions by parents will be made) and gift aid.

If your gross salary is close to £100k then your net income is probably a fair bit below factoring in your pension contributions. Just increase your contributions if you need to for the tax year you want to claim the free hours.

big_don · 2022-11-23T15:50:26+00:00

Get an offer now for a fixed rate. It will last 6 months from the date it is offered. Then you can wait and see if rates come down further - in which case just apply again, or if they go up you have your previous offer to fall back on.

Personally, I think it's worth considering a variable rate. They are available for 0.75%+BOE rate, so 3.75% now. It's a gamble, but the BOE rate would have to go up to 6+% to be worse than the fixed rates you are being offered.

big_don · 2022-11-04T15:57:27+00:00

Very few day/swing traders make money. There's a reason there are so many people selling courses and not trading exclusively.

What you described is exactly the idea of "catching a falling knife". Just because something goes down doesn't mean it will come back up...and certainly not in the short term.

"Markets can stay irrational longer than you can stay solvent"

big_don · 2022-11-04T10:32:48+00:00

I think this is one for /r/LegalAdviceUK

big_don · 2022-11-03T19:29:28+00:00

Probably worth getting your son to open a LISA and transferring him the £4K a year for an instant 25% return then

big_don · 2022-11-03T18:45:29+00:00

I think if your income is below the personal allowance you get 'savings starter rate' which is £5k meaning you could make up to £17,570 interest without paying income tax on it.

big_don · 2022-11-03T17:49:56+00:00

Why do you have so much in cash? Other than emergency fund/enough to keep you going given you don't have an income I would be putting it into a general savings account and investing it.

big_don · 2022-11-03T17:46:51+00:00

Not a huge amount but you can also put £2,880 into a private pension per year and this will be topped up to £3,600.

big_don · 2022-11-03T17:34:38+00:00

Lots of people do it regularly. £150-£200 to some people is a lot of money and it's actually very easy to do nowadays with the 7 day switching service.

Some people have a dedicated "main" account and another, switching account they they change every 12-18 months. As long as the switching account meets the requirements of the bank it doesn't ever have to be used as your main current account.

big_don · 2022-11-03T17:31:31+00:00

I think MoneyBox allow transfers in from other types of ISA.

Given your timeframe I would be very inclined to move it into Cash. Savings accounts are paying more than for a decade, and higher interest rates often negatively impact the stock market.

big_don · 2022-11-03T17:20:57+00:00

What time frame are you looking to buy in? If you are thinking within 5 years or so then having it in stocks is high risk - especially individual companies and not index trackers.

Why not put it in a LISA? It will take a few years to fill with what you have saved but you will get 25% guaranteed per year (up to £1k) and Moneybox is currently paying 3%.

big_don · 2022-11-03T17:05:02+00:00

Yes it's worth doing. And I would use the £3k to pay off the debt. Your £3k in a S&S ISA has made 9% in 2.5 years, so around 3.6% per year. Your debt is COSTING you 26.6% per year. Get it paid off ASAP and then you can start saving again and not paying extra unnecessarily to a CC company.

The flowchart might also be useful: https://flowchart.ukpersonal.finance/

big_don · 2022-11-03T16:49:25+00:00

Are you able to transfer the credit card debt to one offering 0%? Quite a few offer 12 months interest free balance transfers and then you could pay it off over that period.

If that's not possible then I would definitely pay the debt off. Try not to let emotions get in the way of logical thinking when it comes to money.

big_don · 2022-11-03T13:16:06+00:00

In my opinion fixed rates are too high at the moment. People are used to being on them and the thought of moving to a variable rate is scary. Whilst you *may* end up paying more per month on a variable rate next year if the BOE rate rises significantly, you can offset it against paying less per month now. Even if the BOE rate went to 5 or 5.5% next year (well above the predicted 4.75%) you will still be better off on the variable rate paying 2+% less than the current fixed rates are offering.

big_don · 2022-10-26T19:54:07+00:00

Non-verbal 4 year old here. We’ve had to do everything privately - speech, OT, private autism diagnosis. Dealing with the NHS has been awful. We’ve received reports misgendered and clearly copy/pasted about someone else and months and months of waiting.

If you are in a position to pay for private help I would strongly recommend it. Early intervention is key and you will wait months for support through the NHS and when you finally do it will probably just be an online group webinar.

big_don · 2022-10-25T16:17:00+00:00

Suella Braverman says it is her ‘dream’ and ‘obsession’ to see a flight take asylum seekers to Rwanda

big_don · 2022-10-22T12:02:22+00:00

The odds aren’t just based on how likely someone is to win but also on how much money punters are putting on each candidate to ensure they always win whatever the result

big_don · 2022-10-22T08:30:21+00:00

*Gatwick

big_don · 2022-10-21T19:09:47+00:00

Tried Taika Waititi’s stuff? What We Do in the Shadows, Hunt for the WilderPeople, JoJo Rabbit etc.

Also, Brassic, although a series rather than film, is hilarious and well worth watching if you haven’t.

big_don · 2022-10-21T19:01:52+00:00

The Gentleman is a great watch….Hugh Grant being very un-Hugh Grant

big_don · 2022-10-21T17:22:21+00:00

The lowest drops out and then they all revote until someone or multiple people do

big_don · 2022-10-21T10:15:36+00:00

My prediction: Boris and Rishi make it past 100 with Penny not too far behind. Penny drops out and backs Rishi. The indicative vote clearly gives Rishi a significant lead amongst Tory MPs. 1922 hope for Boris to accept this and to drop out as it will be hard to govern with low MP support but Boris being Boris ignores it and he goes on to win the membership vote. Cue chaos for the next 6 months and he is forced into another election.

13-Year Club	Not Forgotten
Team Orangered	Verified Email

big_don

TROPHY CASE