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R 85's
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bebop
Posts: 47 Forumite
What happens to R.85 forms, do the building society's keep them ? does anyone add up the gross interest if you register with more than one? If you put N.I. number on do they add it all up? ???
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Yes, there is monitoring of the amount of gross interest paid (at the revenues end)I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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The building societies don't know your tax situation, so no they won't do any adding up, they will pay it to you gross without any further checking. However the inland revenue will. R85 is an inland revenue form so it goes straight to them. If you are thinking of using this for tax avoidance - don't.0
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Irrespective of whether the Inland Revenue queries on the info, or even gets it, I think the onus is on the individual filing his tax returns to declare this income, and make any extra payment towards tax that is due...It's always the grass that suffers, irrespective of whether the elephants are fighting or making love !!!0
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If you are thinking of using this for tax avoidance - don't.
Correction
If you are using it for tax avoidance carry on regardless.
If you are thinking of using it for tax evasion DONT.
...............................I have put my clock back....... Kcolc ym0 -
Irrespective of whether the Inland Revenue queries on the info, or even gets it, I think the onus is on the individual filing his tax returns to declare this income, and make any extra payment towards tax that is due...
Likely that 99.99% of people earning less than 4745 don't get a tax return.
The rule is you should not complete the form if your income is likely to exceed 4745 by even £1. Instead R40 is available to recieve a tax refund on tax deducted on interest.0 -
could anyone advise me a good account to invest some money for my grandchildren.?0
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