Hi, before anything, you should all know I have sold my subaru wagon. I'm only 19 and havent got a clue about banks or tax or etc etc. So I have deposited a high amount into my account, but i'm worried about tax? How does it work? How much do they take off me? I will be 20 in July and will be looking to buy another car in summer.
I currently have a websaver account and cash card account with Halifax. Someone has said I can keep up to £4800 before I get taxed?? Is that in one account or combined? I'm sorry I just aint got a clue? Or someone else said I cant get taxed until I'm 21?? I just dont know how tax is applied, except for income tax and council tax & road tax[]. I dont work or claim any benefits, I am a student at uni, and also get my uni fund paid into the account, so defnetley worried about going over board the limit.
If any of this doesnt make sense, then excuse me, because i'm confused as it is. Also i've already been refused for currrent account and other alike, because i missed my mobile bill twice[] ooops
any advice is appreciated.
p.s. I do have isa account with a investment company, but i think i'm on the limit on that one too[]