Wind Turbines

[otherclive]

A real problem will be calculating the needs of a household.
It's not what you import as for 5 months import can be zero but you are still using electricity.
Anyway at well under £1000 for export last year it's not a problem for me.
Maybe they should look at taxing the electric that you use but don't import from the grid 🤣

Makes 3ppm for BEV or 1.5ppm for PHEV look mind blowingly simple.

 

[JTQ]

Only under very specific circumstances that don't apply to most of those that have solar.

Good, glad to hear there is an allowance.
I think on reflection away from the stark attention catching headline it was indicating it had to be declared, which is not the same as necessarily it will be taxed if within the allowance you quote. Same as interests and dividends are treated.
Whilst I see it as an income stream, its from selling a product that benefits us all, so IMO its right that it is being treated differently.

 

[Jcloughie]

Good, glad to hear there is an allowance.
I think on reflection away from the stark attention catching headline it was indicating it had to be declared, which is not the same as necessarily it will be taxed if within the allowance you quote. Same as interests and dividends are treated.
Whilst I see it as an income stream, its from selling a product that benefits us all, so IMO its right that it is being treated differently.

I wonder what would encourage people to declare. Personally, I have never needed to complete a self assessment form. And I doubt I would volunteer such information. Not that I am even in that situation.

I wonder if it would work so that the power company would take the tax ‘at source’ above the threshold. And the customer would then need to claim it back, if, indeed they had a claim. I think that is what happens with interest on savings. But how would I even know 😁.



John

 

[otherclive]

What abut if your BEV exporting to the grid leads to you going over the threshold?

As said above "much ado about Nothing" for domestic users.

 

[GUMPY]

wonder if it would work so that the power company would take the tax ‘at source’ above the threshold. And the customer would then need to claim it back, if, indeed they had a claim. I think that is what happens with interest on savings. But how would I even know

Building Societies no longer do that with interest so I can't see power companies doing it.
Interest is paid gross and it's up to you to declare it although to be fair I think the Societies do pass on the info of what interest has been paid.

 

[Beachball]

Since having twin solar panels on our caravan we been thinking of going that route with our bungalow roof is South West /East had five quotes . but trying to compaired which is the best package at a reasonable price. that the bit I find hard .

 

[Buckman]

Strangely if you have solar panels and "selling" the excess back to the grid in essence you are a supplier! Do you have a supplier's licence and are you declaring the amount "paid" to the tax man?

 

[JTQ]

The latter it seems but as pointed out earlier unless you exceed the quoted £1000 allowance, it is not taxed.

Quite how those who do not have to do annual returns can & do I have no idea, as for as long as I can remember I have that yearly tiresome task. Teaching me for having dabbled as a hobby in the past!

 

[otherclive]

The latter it seems but as pointed out earlier unless you exceed the quoted £1000 allowance, it is not taxed.

Quite how those who do not have to do annual returns can & do I have no idea, as for as long as I can remember I have that yearly tiresome task. Teaching me for having dabbled as a hobby in the past!

Likewise and mine seems to be the only one I cannot complete online, or was 2 years ago and I cannot be bothered to go through the online login via Government portal. So I rely on my accountant to muster a years worth of paperwork to help me do the sums, then I complete her form for her too. . Good job that was her line of work before retiring.

 

[Hutch]

This year's tax return has been modified slightly and is easier to fill in, I really must do it earlier in the year, rather than leave it to the last month.

 

[Jcloughie]

I wonder what would encourage people to declare. Personally, I have never needed to complete a self assessment form. And I doubt I would volunteer such information. Not that I am even in that situation.

I wonder if it would work so that the power company would take the tax ‘at source’ above the threshold. And the customer would then need to claim it back, if, indeed they had a claim. I think that is what happens with interest on savings. But how would I even know 😁.



John

I did used to fill in returns, but never since it changed Ed to the self assessment type. I am very happy to keep my head below the parapet.

In fact, I am sorry I joined that PAYE club. Just cannot shake them off.

John

 

[GUMPY]

I was doing SA until I retired in 2019. HMRC told me I didn't need to bother after that so I haven't.

 

[Dustydog]

Very complex rules at the IR.
No idea about solar kickbacks. But if I draw down from some insurance backed savings I'm taxed at source

 

[otherclive]

Very complex rules at the IR.
No idea about solar kickbacks. But if I draw down from some insurance backed savings I'm taxed at source

I think the theme here is that you have paid tax on the money put into those savings, you are taxed on draw down, and then undoubtedly pay tax when you spend it. ☹️

 

[Hutch]

I think the theme here is that you have paid tax on the money put into those savings, you are taxed on draw down, and then undoubtedly pay tax when you spend it. ☹️

But we didn't, tax was only taken on wages after NI were taken.

I'm get £1250 from my wife's tax "code" which saves me £225, but she has to now pay £48 a year tax on her pension.

I would happily pay more tax, if we were to get a better Hospital system.
I could rant on, but I will save that for FB, otherwise I will. Get banned from here.

 

[otherclive]

But we didn't, tax was only taken on wages after NI were taken.

I'm get £1250 from my wife's tax "code" which saves me £225, but she has to now pay £48 a year tax on her pension.

I would happily pay more tax, if we were to get a better Hospital system.
I could rant on, but I will save that for FB, otherwise I will. Get banned from here.

I think that’s what my first sentence says. Surely the money put into savings from wages has had tax paid as well as NI deducted.

 

[RogerL]

I think that’s what my first sent says. Surely the money put into savings from wages has had tax paid as well as NI deducted.

There's a distinction between pension and savings - contribution into pensions weren't taxed but savings deposits were out of taxed income - so drawdown from pensions is taxed whereas withdrawal from savings isn't - only the interest on savings is taxed but only over the £1000 allowance.

 

[Buckman]

I think that’s what my first sent says. Surely the money put into savings from wages has had tax paid as well as NI deducted.

I thought you were only taxed on the interest earned and not the lump sum in the savings account?

 

[otherclive]

I thought you were only taxed on the interest earned and not the lump sum in the savings account?

Drawdown from insurance backed bonds is more complex than just taking money from an interest paying savings account. But we are now way off wind turbine for a caravan.

 

[Dustydog]

I think the theme here is that you have paid tax on the money put into those savings, you are taxed on draw down, and then undoubtedly pay tax when you spend it. ☹️

The triple whammy🤬.

Permission to worry you Clive 🙀

A certain think tank suggests a lien is put on OAP houses if they wish to continue receiving their state pension!
Back to the OP. I imagine a wind turbine is going to be weighty item and probably it’s out put isn’t worth the hassle or cost. Plus when the wind doesn’t blow………..

 

[otherclive]

The triple whammy🤬.

Permission to worry you Clive 🙀

A certain think tank suggests a lien is put on OAP houses if they wish to continue receiving their state pension!
Back to the OP. I imagine a wind turbine is going to be weighty item and probably it’s out put isn’t worth the hassle or cost. Plus when the wind doesn’t blow………..

Time to tango, or perhaps conga?

 

[RogerL]

The triple whammy🤬.

Permission to worry you Clive 🙀

A certain think tank suggests a lien is put on OAP houses if they wish to continue receiving their state pension!
Back to the OP. I imagine a wind turbine is going to be weighty item and probably it’s out put isn’t worth the hassle or cost. Plus when the wind doesn’t blow………..

There's no need for anyone to pay tax on savings interest - the Cash ISA contribution limit has been set at £20,000 / year for long enough for most people - anyone fortunate enough to be able to save more than that is probably well versed in tax-free offshore accounts. That cash limit is about to go down but remains at £20,000 / year for contributions to Stocks & Shares ISA which remain tax-free.