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Thread: UK girls bank accounts?

  1. #1
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    Dizzy UK girls bank accounts?

    I've spent the last hour reading up on possible bank accounts/ savings accounts and I'm really confused

    I work full time and I can live fine off the wages from my FT job. I have just started camming and I enjoy it....I'm going to use it as a way to save for my breast implants.

    My intentions are to open another bank account and have any earnings from camming (even if its just £10 a week or whatever) go straight into a separate bank account from my day to day one.

    I thought about opening an ISA which is tax free but it says if you withdraw money in the tax year you can't put it back in...I.e if you have £4,000 in there and take out the £4,000 you can only put in £11,000 as that £4,000 is deducted from the total amount of £15,000 for the tax year.
    Then I read if you open a normal back account and just put savings into that...it is taxed?! Does that mean if I pay taxes on the money from Camming...and my full time job...I will then be taxed AGAIN on that money that I have decided to save and not spend?

    I'm super confused. How do you ladies save and can you recommend any bank accounts or ISA's? My day to day account is with Natwest... I was going to just open a normal account with Halifax/santander and just shove the card in the draw...but the tax thing has confused me?

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    Default Re: UK girls bank accounts?

    P.S Can I have my camming money go straight into a cash ISA...or do I have to put it in myself each week/ month. Id prefer it if it went straight into a separate account tbh otherwise it would get too confusing for me as i'm on daily pay and I can't be bothered going to the bank everyday to withdraw money and put it into an ISA unless I can do it online.

    Thanks

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    Default Re: UK girls bank accounts?

    It's the interest that isn't taxed in an ISA. Interest is taxable income. I'm with Barclays and have ISAs but the interest rate is terrible.
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    Default Re: UK girls bank accounts?

    Oh I see...so its just the interest they tax not the money itself? So a normal current account would be fine to open and just store money in there?

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    Veteran Member beauvoir's Avatar
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    Default Re: UK girls bank accounts?

    Unfortunately, regardless of where you sword your money, you need to lay income tax on it. CASH ISAs are tax free, and most interest rates are bad. I earn about £50 a year on mine!

    you can set up a standing order to move money from a bank account to an ISA so if moves automatically.

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    Veteran Member beauvoir's Avatar
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    Default Re: UK girls bank accounts?

    I save by putting a set amount in a savings account each week and in April I dump as much as possible into an ISA. Cash ISAs are capped so if you take out £4000, you will be limited by how much you can out in. I rarely withdraw from them, instead treating them like long term plans,

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    Featured Member Missymissdemeanour's Avatar
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    Default Re: UK girls bank accounts?

    You will still have declare your camming money to the tax office too.
    MissD

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    Default Re: UK girls bank accounts?

    Remember you can/are taxed higher on secondary income depending on your circumstances. You will have to register as self employed and pay tax on any money you earn from camming even if you have a full time job. You pay tax owed via a self assessment.

    you should read the hmrc website as it clears this up. So even if you paid your money into an isa you would still pay tax on monies earned, the interest wouldn't be taxed and would be gross. If you paid your money into a normal savings account the interest would be taxed usually at the basic rate.

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    Default Re: UK girls bank accounts?

    Quote Originally Posted by Missymissdemeanour View Post
    You will still have declare your camming money to the tax office too.
    Quote Originally Posted by JodesHu View Post
    Remember you can/are taxed higher on secondary income depending on your circumstances. You will have to register as self employed and pay tax on any money you earn from camming even if you have a full time job. You pay tax owed via a self assessment.

    you should read the hmrc website as it clears this up. So even if you paid your money into an isa you would still pay tax on monies earned, the interest wouldn't be taxed and would be gross. If you paid your money into a normal savings account the interest would be taxed usually at the basic rate.
    I don't think you guys read my post properly... I said "Does that mean if I pay taxes on the money from Camming...and my full time job...will I then be taxed AGAIN on that money that I have decided to save and not spend?"

    Thanks for the replies...I'm still majorly confused though. So If I pay my camming money into a seperate savings account AFTER PAYING TAX ON IT...it will be taxed again? I think im just going to put it in a shoe box under my bed and save all the stress lol

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    Default Re: UK girls bank accounts?

    No, your money won't be taxed again...it is the interest on the money that is taxable as investment income if it is in an ordinary account but tax free in an ISA.
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  15. #11
    Featured Member Missymissdemeanour's Avatar
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    Default Re: UK girls bank accounts?

    Ooops sorry, that will teach me to scan read
    Quote Originally Posted by TheSluttyGirlfriend View Post
    I don't think you guys read my post properly... I said "Does that mean if I pay taxes on the money from Camming...and my full time job...will I then be taxed AGAIN on that money that I have decided to save and not spend?"

    Thanks for the replies...I'm still majorly confused though. So If I pay my camming money into a seperate savings account AFTER PAYING TAX ON IT...it will be taxed again? I think im just going to put it in a shoe box under my bed and save all the stress lol
    MissD

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