We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Being Taxed On Savings When 17?
Jakg
Posts: 2,267 Forumite
I have a part time job (about £67.44 a week, been doing it for the last 2 months ish - got the tax sorted out but still waiting for my rebate), and I have a Premier 21 and a PlusSaver 21 account with A&L.
I'm 17, and I just got taxed 11p on the interest I got (admittedly only 53p, but every little helps!) is this right or not?
Also, I am saving £100 a month - who's the best person to be with if I want instant access and internet banking? I only have £200 atm so I wont be breaking a grand until next summer!
I'm 17, and I just got taxed 11p on the interest I got (admittedly only 53p, but every little helps!) is this right or not?
Also, I am saving £100 a month - who's the best person to be with if I want instant access and internet banking? I only have £200 atm so I wont be breaking a grand until next summer!
Nothing I say represents any past, present or future employer.
0
Comments
-
If you are earning less, including interest, than your personal allowance (for the tax year 2008-9 this is £6,035) then you shouldn't be paying tax.
If this is the case, fill in an R85 form to get your interest gross without tax deducted.0 -
Have a look at this article for the top savings accounts:
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest
tiptoe0 -
Any way to claim back the taxed interest?
EDIT - Being 17 the guide doesn't work well, esp as I don't want one with a monthly fee...Nothing I say represents any past, present or future employer.0 -
Any way to claim back the taxed interest?
EDIT - Being 17 the guide doesn't work well, esp as I don't want one with a monthly fee...
Fill in an R40 to claim back the tax on the interest and an R85 to register for gross interest in the future as per my original post.
All the details you need to know are here.0 -
R40 to claim back 12p seems a little tight now I think about it
Nothing I say represents any past, present or future employer.0 -
IT - Being 17 the guide doesn't work well, esp as I don't want one with a monthly fee...
Age has nothing to do with income tax (unless over 65). Its your interest/income that matters.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 -
Especially as you'll have to put a stamp on the form! However, when you fill in an R85 for your bank you may find they refund interest deducted this tax year. Some banks do, some don't.
tiptoe0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards