Idea 1 – Are you looking to pay less Income Tax?
Does it feel like you are paying tax on everything? You work hard to earn money, and you pay tax on it. You have a business, it also pays tax. You have savings and investments, built up from your taxed income and you find you are paying tax yet again!
Do you sometimes think its just too much tax? Did you know the Government have specific schemes which are tax free?
One such scheme is “NSI Premium Bonds”.
Unlike the National Lottery, you can get all your money back. Like the National lottery you have the chance to win prizes, up to £1,000,000 tax free!
Let me tell you how this fun way to save works, and have the chances to win tax-free prizes each month.
1. National Savings Investments (NSI) are backed by HM Treasury, are 100% secure and there is no limit on this backing.
2. You can hold up to a maximum of £50k per person in Bonds. The minimum amount you can purchase is only £25.
3. There are no age restrictions so it a great as gift for children.
4. Each bond has a unique number. After each one has been held for a full month, it then goes into a monthly draw on the 1st working day of each of the following months. Its not an investment for under 2 months, but longer than this, or to build savings, it is a really good option, even if you don’t know when you may need to get your money back.
5. A percentage of the fund (February 2023 – 3.3%) annual equivalent is used to create the monthly Prizes.
6. These Tax Free Prizes start at £25 and the highest prize each month is £1,000,000.
7. It only takes 3 working days to withdraw some or all of your money, by giving your repayment instructions online.
8. On the morning of the 1st working day of the month all the winning bonds numbers with a prize over £5,000 are published here : https://www.nsandi.com/prize-checker/winners
9. This link provides details on last months actual and next months projected prizes, plus how many prizes for each prize amount : https://www.nsandi.com/get-to-know-us/monthly-prize-allocation
10. You can check your bonds for wins online, app or even enable Alexa to check each month for you! They will also email you, to let you know within a few days of any winnings.
You can find more information about this scheme here : https://www.nsandi.com/products/premium-bonds – Or contact me if wish to discuss or need help with ideas on how to get this to work for you.