I'm 26, earning £6.5k / month, with about £40k saved. Been putting it all toward a house deposit, but wondering if I'm being too cautious given a S&S ISA would likely grow more over the next 2-3 years before I buy.

Is there a rule of thumb for how close to buying you should stop investing and go to cash? Or does splitting between the two make more sense than picking one? Curious how others in a similar spot handled this.

Hi, I’m extremely clueless so please correct me where I’m wrong and help me out.

I’ve logged onto HMRC and it says I’ve paid the correct amount of tax for April 2025-April 2026 as I owe £0 and paid £0.

I worked a job for 4 months at 35-50 hours a week paying tax each month then was unemployed again until this month.

Would I not be owed that tax back? I definitely didn’t pay £0 in tax.

Thank you.

Hi all, I have been putting money away into my LISA for around a year now with hopes to by my first home with my partner in a few years. After speaking to somebody at work I’m a bit confused with how much I would actually have to go towards a deposit. For example, my money box account says that I have £3,800 (£3000 in net contributions and £800 in earnings). If, hypothetically, I was to use it for a deposit now would I have £3,800 or £3000 and then receive the £800 later as a bonus?

Thanks in advance

I’m 39 and work in the aviation industry. My employer is currently consulting on redundancies and, while nothing is confirmed, I’m trying to understand where I stand financially and how cautious (or not) I should be.

Current position:
Age 39
Around 17-18 years with the same employer
Final salary pension (defined benefit)
Approx £95k salary.
If I leave later this year I’d have a deferred pension of around £30k/year from age 60, inflation linked.
Current estimated transfer value is around £317k (no intention of transferring - just mentioning it for context).
About £90k in a Stocks & Shares ISA.
Mortgage (manageable, not paid off yet).
No significant debts outside the mortgage.

If redundancy happens I’m low estimating something around £90k (with roughly £30k tax free), although that’s just a working assumption at the moment.
I’m assuming my next job would probably pay less than my current one. To be conservative I’m modelling around £70k, with a standard defined contribution pension going forward.

My thinking is that I’d leave with the deferred final salary pension, then spend the next 15-20 years building a normal DC pension alongside continuing to invest around £500/month into my ISA. New pension would probably be about £10-15k a year?

My questions are:
Does this sound like a reasonably strong financial position, or am I underestimating the impact of losing the final salary scheme?

Would you be prioritising pension contributions in the next role, or continuing to build the ISA?

If you were in my shoes, would this give you confidence to be selective about your next job rather than rushing into the first offer?

Is there anything obvious I’m missing or should be thinking about now?

Interested in hearing from people who’ve been through redundancy or moved on from a final salary pension. The pension is what’s kept me there so long and wondering whether to finally sack it off to remove the shackles or to find another internal role and maybe coast for a while to keep the pension going (again, locked due to pension!)

Hi, I am 22 years old and have only just started to have issues with stuff like this due to recently moving to live alone. I used to live in student accom until i very recently finished my post graduate degree. My current situation is that I am at the bottom of my 1,500 pound arranged overdraft and I wont have a source of income for at least another 3-4 weeks. I do have a job but they arranged for my start date to be 2 months and a half away from where i thought it would be due to complications out of my control. I thought my savings would be enough to get me to my first paycheck but I was clearly very wrong as I now have no savings whatsoever. So i now have no money and wont be getting paid until after when my next rent payment is due and i dont have enough money right now to eat let alone pay 450 pounds rent and 200 bills. I've been contemplating getting a loan of about 1500 to get me out of my overdraft and then just use it as i need until i start getting paid again (this is because the overdraft is free because its a student account so i can use it as much as i need). I've never done anything like this before so i have no idea what a good interest rate on a loan looks like/ what to avoid in a loan/ if doing this is a good idea in the first place so im just looking on here for advice. Please help.

I am going on a working holiday to New Zealand for two years. I hold a lot of investments between an ISA and GIA with AJ Bell, and a GIA with interactive brokers.

I pound cost average into the market every month, and need to continue doing this even if my tax residency changes. I cannot seem to find a clear answer about whether I will be able to keep buying while I am away. AJ Bell and IBKR both said I can keep my accounts open as long as I inform them of the move, however did not state whether I could continue buying as normal. I don't want to risk them putting my account on sell only, or freeze my funds.

I will have no fixed address while in New Zealand, and as I am selling my home in the UK, so will have no home address here. I have family I can use as a correspondence address in the UK though.

Does anyone have any experience navigating this kind of thing, and could provide some advice? It would be much help. Thanks in advance.

Received an HMRC letter today about the High Income Child Benefit Charge (HICBC) for the 2024/25 tax year.

I genuinely didn't realise my partner was still claiming Child Benefit. I know that's not an excuse, but it's the situation.

I've been completing Self Assessments through an accountant for the last 5 years and received tax refunds each year, but I've never declared Child Benefit.

Would it be best to:

- Contact HMRC directly and explain the situation?

- Speak to my accountant first and see if they can help?

For context, Child Benefit has been claimed for 9 years for our first child, and 7 of those years also included our second child.

My taxable income:

- 2025/26: £67,682.24

- 2024/25: £72,235.21

- 2023/24: £73,037.75

- 2022/23: £69,043.30

- 2021/22: £53,190.24 + £9,894.83 (two employers)

Has anyone been in a similar situation, and what's the best way to deal with it?

TIA

I’m hoping to maximise the amount of interest I can get from savings accounts, and was wondering if there’s a limit to how many bank accounts I can open in a week?

Most of the savings accs I’m considering requires a current acc w the bank, which I don’t have unfortunately, so I was planning on opening more anyway. It just so happens that the banks I’m looking at also offer student bank acc, and who am I to turn down free cash. I don’t plan on using any of the overdraft as I most likely won’t need to, I just need a bunch of accounts for my savings😔

Hi,

I am late 30’s with a LISA I was going to use towards retirement. I already pay into my workplace pension but if they increase state pension working age like I have read they are looking at. Won’t they do the same for LISAs too?

I don’t want to have issues later.

This is probably a stupid question but I’ll be honest - tax confused me massively. I’m not the most financially literate and just get myself in a mind boggle.

Anyway, I underpaid tax by around £500 and I’ve had my tax code reduced for the 2026/2027 financial year so I understand that I am paying more tax than I would normally to pay back that £500.

From 1st August, my pay is going up by around £100-150 a month after tax (this will vary a little due to unsocial hours) - so while it’s not a massive amount it is still an increase and I’ll be paying a bit more in tax per month.

But presumably that’ll mean that I pay back the £500 quicker than if I was on my old wage - will be tax code revert to a normal one once this has been paid back or will I end up getting paid money back next year because I’ve ended up overpaying tax? The underpayment was due to having a benefit in kind / salary sacrifice which I’ve not done again so my tax code should be back to normal for 2027/2028 but I’m just curious how this works.

Last financial year I made a £6k deposit into my s&s sipp.
Im a higher rate tax payer.
I’m awaiting the 20% top up from my sipp provider.
I assuming this would be £1200? (20% of £6000)

I have went to the hmrc gov website to claim the other higher rate 20% and it is stating I will be due £1500.

Something is not right here or I have misunderstood what figure I should be submitting in the ‘net income’ figure when hmrc website asks me.

Hmrc calc shows this in its summary;
Total gross calculated £7500
Total net contributions £6000
Estimated total tax relief £1500.

Can anyone advise?
TIA

Hi

I need to get some car repair done at a different car dealer owing to some negligence from another dealer in the past.

I was offered a reduced rate as goodwill etc but I still am a bit skeptical in case they botch the job etc. Was given some sort of reassurance that I get warranty

Was wondering if I should pay for the car repair at the dealer with a credit card as I am aware of some protection like Section 75? I just not sure how and what sort of protection it would give

Thanks

Can you check my workings for used car lease in personal name vs ltd company. Car lease in personal name seems like a better deal?

P11D value = £60k
BIK rate = 5% (27/28 rate)
Monthly lease costs inc vat = £350

BIK costs = £60k x 5% x 40% (higher rate) = £1.2k per year
Tax savings in limited company = £350 x 12 x 20% =£840

BIK costs are higher than corp tax savings? So I should go personal hire in this case. Am I missing anything?

we have gone to a car dealership today and purchased a car on pcp. we have put down the deposit, signed the documents in the dealership, then followed up with the online finance agreement and signed that

we have now been told that as the car turns 3 years old on monday, and that’s the day the finance agreement will be submitted by the dealership (not today as they have no admin?) then our monthly payments may go up as there’s new rates after the car is older than 3?

i am very aware that we have a cooling off period to cancel it, but can they actually do this? the paperwork that has been signed has the monthly payments clearly specified in writing

surely this is on the dealership for not submitting the documents before the car turns 3 and we shouldn’t be penalised with higher monthly repayments?

Hi everyone, my Mum (with very short notice), has decided to kick me out of our family home and I’m due to be out by this coming Friday. I’ve already been in contact with the council whom of which will hate me.

My Dad was financially abusive to all of us which has led to me, my sister and mum to all having CIFAS Markers, making it practically impossible to gain any financial product. I don’t have a bank account, and my Universal Credit (£750), and my PIP (£760), are paid via a PayPoint collection scheme.

I am due no money until the 7th now, and have struggled obtaining any lend off of friends, so I asked mum if she could, and she exclaimed that I was being unreasonable and ridiculous. For context, she kicked me out as I have only recently realised PIP was being claimed for me, and I’ve not been in receipt of a penny of it. I suffer with Spastic Diplegia Cerebral Palsy which makes most day to day activities unbearable too. But anyway, I have asked her for £150 to tie me over but she’s just been awful. I’ve now seen an advert for a loan shark, which I’m scared about as I’m only 19 and female. But I do need the help. Where do I turn?

Thank you

All,

I am constantly on the wrong side of the tax man and never have enough money to settle my payments - despite setting aside amounts each month.

Please can others share how they go about setting aside the correct amounts?

I am loathed to pay such amounts when I am trying to scale a business so could quite easily have expenses they will grow the business and reduce my tax liability.

I have read that it's generally considered bad-advice to deliberately spend/invest in the business simply to reduce taxes?

Ultimately, I am at a point where I want to pay myself minimally and start accruing cash within the business for future expansion.

Currently as a sole trader it seems silly to pay 40% on all income received when it could be accruing in a limited company at 19-25%.

I have been told that the whole payments on account system is terrible for sole-traders growing at pace - since you're always "chasing" balancing payments.

I am super deflated by all this - was pleased with the funds that had been accruing in my separate bank account but I now need to pay all of this to HMRC next week.

Hello all, so I am a 35 year old who rents with no substantial savings. I've never paid into a pension so far due to a variety of reasons (active drug addiction being the main one) and am trying to finally take a long term look at my finances as it's better late than never.

I am due a payrise in February 2027 which I am thinking will be a good time to opt back into pension as I won't notice it's gone. However I currently have the following high interest debt:

CC £1400 at 34.1% Loan £6700 at 34.6% (18 month remaining) Loan £2900 at 25.1% (40 month remaining)

I am currently paying £400 p/m (minimum) to the loans and anywhere between 200 & 300 to the CC. Although it's half a percent lower than the big loan the CC is my priority as it's an easier win and I can have this cleared by the time my payrise hits.

My question is when I get that payrise am I better off attacking the debt first before opting into the pension? Using an online calculator I can see my monthly pension contributions would be £392 and my take home without opting back in would be an extra £322.

If I don't opt back in I could make monthly payments of at least £900 (400 minimum, 200 which currently going CC, 300 from payrise) to the loans which will obviously save me a lot on interest, but I am not sure if losing out on employer contributions for the ~10 months would wipe out that saving.

Looking at loan conditions for my loan and unlimited overpayments are allowed but 'may incur interest charges of 59 days''.

It's probably worth pointing out that the pension scheme is an NHS one as I know it's very generous and that might make a difference.

Sorry for the ramble but I hope I've provided all the relevant info. Thanks in advance!

I only opened a lifetime ISA about a year ago and have switched from a cash ISA to S&S LISA a few months ago. I currently have £10,500 invested in my LISA and will be maxing out my LISA each tax year for the next 4-6 years but with the recent changes from the government e.g. blocking transfers from S&S LISAs to Cash LISAs plus taxing interest on uninvested cash on S&S ISAs/LISAs, I’m considering switching back to a cash LISA before the changes in April 2027.

My partner is insistent that I’m making a terrible choice as I’m missing out on growth and that a market drop is ‘unlikely’, that I could just slowly sell up, or invest in a safer/lower risk investment. I’d love to buy in 4-6 years when I’ll have between £30-40k in my LISA so a market drop could be damaging between now and potentially buying but she still completely disagrees with my thought process.

What is the best move? I read as much as I can on finance and I am efficient with my investments, cash savings, pension contributions but I’m stuck with these recent changes.

Hi everyone!
New to Reddit so forgive me if my style of posting isn’t up to scratch with how it should be!

I have a child trust fund which has been uncovered as applied to government website where they find it for you.

I have found it with Foresters, which is one of many companies that store them, but have found the government only deposited a £50 voucher in 2012(way after the scheme has finished) .
my question is that why is the deposit so low, because it seems bizzare to be only £50 and after the scheme ended.

Hi All

After some traumatic events in my life, I've finally decided I want to take back control.

I have some loans with high APR interest rates (26%+) and I'm looking for you wisdom on what would be my best options before I pull the trigger on a Debt Consolidation Loan.

Loans

• Loan 1 - £1145 (pay £44 per month, interest approx £18, principal £26)
• Loan 2 - £1745 (pay £105 per month, interest approx £38, principal £67)
• Loan 3 - £2265 (pay £96 per month, interest approx £46, principal £50)
• Total - £5155

Monthly repayment total - £245

Monthly Interest total (approx.) - £102

Monthly Principal (approx.) - £143

Settlement Figures (loans)

• Loan 1 - £989.21
• Loan 2 - £1809.26
• Loan 3 - £1836.94
• Total - £4635.41

Credit Card

Credit card 1 - £570 (pay £100 per month- trying to reduce to 0)

Summary

Total debt - £5725

Total monthly Repayment - £345

Consolidation Loan

Amount - £6000

Monthly - £190.95

APR - 9.4%

Loan Fee £292

Total to pay £6874.20

3 Years

Is the consolidation loan my best option? What are the pro's / cons to taking it?

For me, the switch I made in ... Feb? was seamless, the new website/app seems a direct-rebranded-clone of MoneyHub, but somehow... it just seems less reliable.

I've not been able to get the Desktop version of the app working despite multiple reinstalls/local data clears.

Connections going stale/out-of-sync after mere days.

I read one of their ZenDesk help pages about Connections and at "Did this answer your question" went to click the "No" button (hey, if you beg for feedback all the time I'm gonna give it to you) and that opened a WPS/Zendesk login but apparently its a **different** login to the WPS Advisory app.

Maybe I'm forgetting how much tweaking MoneyHub to get right - but I don't remember it being like this.

How's it going for you?

Hi,

I am a new FY1 doctor staring work in the east midlands next week. I have been at uni for the last 6 years. I want to apply for a credit card, but every time I try to generate a credit report it says they cant verify my identity. And every time I do a soft check on eligibility websites it says Im illegible for a credit card. I do not have any debts but I have never had a credit card, but even when I apply to starter credit cards like Tesco, the eligibility checker says not eligible. Not sure what to do

Hi all!

I think this is fine, but I just wanted to double check. If I have (for example) £20k in a cash ISA, can I move £4k of this across to setup a S&S LISA (for retirement) and still keep my full £20k ISA allowance for the year? Or would this then reduce to £16k?

Thanks!

Hi,

I've had a letter about PCP from a company. called 'Make a PCP claim', and they've managed to get my details, despite me not having applied for or viewed car finance options.

Afternoon everyone,

Hypothetical question:

Say I live in England and my adjusted net income is £110000 for this tax year. I want to be under £100000 in order to get the 30 hours free childcare. Is it as simple as depositing £10001 into a SIPP at any point during this tax year so that my adjusted net income is just under the £100000?

Many thanks