tax free& R85 ?

chihiro

hi
i would like to ask you a question about Inland Revenue R85 form
I am working only 5 h a week.
So I dont paid tax really because of the small amount

I opened a term deposit and should I paid a tax on the interest I go from there?
Does the bank first charge that or after The money are transfer the HM Revenue
charge it after please?

Reaper

If you fill in an R85 and give it to the bank they should be able to pay you the interest without tax (ask them for the form).

If you don't then you will be charged tax and will have to claim it back, probably by doing a tax return at the end of the year.

P.S. If you have all your income figures to hand (wages, benefits, expected interest payments etc) then there is a calculator that will tell you if you qualify for R85 here.

Lokolo

Or you can download, print and fill in an R85 form if you type in 'R85 form' into google.

Biggles

If the checker shows you qualify, a link to the R85 appears at the top of the page.