R85 form

ryan92

Sorry if this isn't the correct place to post this.
I have been sent a R85 form with my conversion of my RBS account to the Revole.
Now, as I don't have a regular income, as I don't work, will I have to fill this form out?

mtem74

R85 is a form which you declare to the bank you are a non taxpayer. In other words you income never goes above the personal allowance limits.

That way you can receive any interest on your savings etc.. tax free.

Only you have to tell them when circumstances change and you become liable to tax again. Otherwise HMRC may find out and want the tax you should have paid back

ryan92

I don't receive any more than about £120 a month, if that.
So, I wouldnt really need to fill out the form then?

mtem74

is that £120 interest or other income

Say you earned £4000 a year from work etc... you'd still have £2000 or so (sorry I forget what the basic personal allowance is this year), which you could receive in interest payments without having to pay tax. So you could fill in the R85 no bother

But if you had say £6500 a year from work, taxable benefits, etc.. then you'd already be paying tax and as such any interest on savings would be taxable. You shouldn't complete the R85.

From what you've said I'm guessing you don't have income (from work, taxable benefits...) and haven't had any this year. Therefore you could sign the R85.

ryan92

£120 would be an accumulation of money I have collected for doing some things for my parents, which would be cashed into the bank, rather than deposited in by an outside source.
I do not have a job either.

Also, I would be putting in money from my surveys in the account also.

Lokolo

As long as you don't earn over your personal allowance you can fill in an R85 form and hand it into the bank.

Personal allownace for most is £6035 or something around that this year.

ryan92

nope... I DEFINATELY won't be anywhere near that unfortunately :P
So, just to clarify, there is no need to hand it in then, unless things change, and I get a job?

Lokolo

ryan92 wrote: »

nope... I DEFINATELY won't be anywhere near that unfortunately :P
So, just to clarify, there is no need to hand it in then, unless things change, and I get a job?

No.. you need to fill it in! This form declares that you aren't paying income tax and won't be charged tax on interest.

If you get a job and start earning you must then inform your bank.

ryan92

I'll get it filled in.
The reason I got the account converted, was I have now changed back to my original name due to family circumstances.
However, the name on the NI card, which the form asks for, is my previous name, yet my bank account linked to the form, is my name I was born with.
Would I need to get my NI card changed to my previous name, before it would be accepted, or would they accept it, as the address will match?.
Just in the process of changing everything