Handed in a "R85" What Next?

Driving_Soon

Hey

After reading a few posts on here, I found out I have been paying tax on my savings when because I am earning less than the amount you can earn before you pay tax, I should not off.

So around 2 weeks ago i filled in a " R85 " and Handed it into Barclays, so I just wonder what next? I have heard nothing from Barclays since, and not really sure if I'm surposed to or not.

When my intrest is paid in on the 1st, should I expect them totally tax free? or only part because i handed it in the middle of the month ... or should i hear from barclays before i even expect to get my intrest tax free?

Thanks too anyone in the know

CLAPTON

you should get the interest tax free.
you will need to reclaim previous tax paid from the HMRC however..

Driving_Soon

CLAPTON wrote: »

you should get the interest tax free.
you will need to reclaim previous tax paid from the HMRC however..

Fantastic! I'm not really botherd about the tax already taken, It's only been a month or so ...

Driving_Soon

Hey, I have just checked and it has not been changed! I have still paid tax!

this is what it says on my internet banking.

INT EARNED £31.62 INCL BONUS £16.95 LESS TAX £6.32 INTEREST PAID NET FOR PERIOD TO 30JUN

What should I do?

Torry_Quine

This has happened to my MIL too. Her son who has power of attorney changed her Barclays account in March to one with higher interest and as she is retired and only gets her pension and pension credit is a non-tax payer so a R85 form was completed. A few weeks later it was returned to us as it 'wasn't correctly completed'. Another form was signed and returned and nothing was heard so we assumed everything was alright. Today her first quaterly statement arrived and surprise surprise tax was taken off for the three months totalling almost £30! :eek:

When Barclays were phoned they denied all knowledge of any R85 form ever being completed and said they would send one out, but that the £30 would need to be reclaimed from HMRC. The person she spoke to was very unhelful and said she wouldn't be spoken to like that when MIL raised her voice and said that this was typical of Barclays and ridiculous.

There have been a multitude of problems - too many to go into here - since they took over Woolwich. In one instance they mixed up her account with mine merely because the address is the same, their reason being they just go by the surname and address which of course are the same!

I would not choose to go with them again

CLAPTON

looks like the R85 hasn't been applied yet or lost of course... can you check online?
in any event you need to phone them or go into a branch

Driving_Soon

Hey Guys, Just a lil update!

I went into Barclays today, I went to this really nice Lady, Apprantly the form got " Lost " but she filled out the forms again for me! . Thing that confused me a little is, she said I would be paid for the tax taken away from April this year, direct into my bank account? Is this true?

Mikeyorks

Driving_Soon wrote: »

Thing that confused me a little is, she said I would be paid for the tax taken away from April this year, direct into my bank account? Is this true?

More than likely. A number of Banks (and it's difficult to find a list .. there used to be an indicative one on the HMRC site) will retrospectively apply the R85 to all interest payments made in the current year (from Apr 08).

Halifax is one ..... so it sounds as though Barclays operate similarly. They will simply refund any tax deducted from interest applied since 6.4.08 direct into your account. And then pay any further interest gross,

ARM10

I know it's an old thread, but I've just had the same problem with Barclays and registering for gross interest. On 20th October I went into the branch to hand in R85 forms for 3 of my accounts, and on 26th October 2011 for a 4th account to a different staff member.

Would you believe it, tax was deducted on all accounts when interest was paid on 1st November :mad:

I called telephone banking and after explaining the situation, the customer service rep said "What do you want me to do ?" :eek:. Totally inappropriate and when I calmly explained what I wanted him to do (i.e. pay gross interest), he said the responsible department wasn't available until tomorrow so I should call back. Really !?!?! Guess I'll just have to pop into the branch.

What I'd like to know though is whether Barclays will refund the tax deducted from previous months. Any members with actual experience of this ?

antonic

Some banks & building societies dont even insist on an R85 being completed - it can be done verbally !.

Some will also automatically credit interest previously deducted but others wont.

To claim back any tax already deducted you need to complete a claim form R40 and submit to HMRC, which you may be able to do online.

Once the R85 is signed it stays in effect permanently UNTIL something changes on the account (like account number.name on account).

ARM10

I went into a Barclays Bank branch today and asked the following questions:-

Q. I filed several R85 forms but you deducted tax from the latest interest payment, what happened ?

A. The R85 forms can take several weeks to process, sometimes 4 or more weeks so it won't have taken effect.

Q. Can you check on your system whether gross interest is activated for my accounts as of today ?

A. No, but I'll have a look. I]looks at my accounts for the latest interest payments, then shows me on the screen that tax was deducted[/I. You'll have to wait until the next interest payment to see if it will be paid gross, I can't tell from the system.

Q. Will you refund tax deducted for previous months during this financial year when you've processed the forms ?

A. No, you will have to claim this back from HMRC at the end of the financial tax year on your self-assessment.

Q. I filed a R85 form with HSBC on the same day as those I filed with you, and they paid gross interest. For Santander I did this using online banking and it took effect immediately. Why so long for Barclays ?

I don't know how other banks work. We collect R85 forms and send them off to HMRC who conduct checks and approve you for gross interest. You'll have to call HMRC to check the status, we don't have anything to do with this and it's up to them.

Q. How often do you send mail ?

We collect mail in branch during the week and don't send them off until the end of the week on Friday.

:(:(

Effectively no help at all, but perhaps other members can tell me if the information I was provided is factually accurate for Barclays Bank ?

I asked to fill in another set of R85 forms in case the original ones were lost in the post etc and left the branch. I will update again next month when interest is due to see if it's paid gross.