who to see about tax rebates

cagneyfan

Hi - again!

Hope someone can give me a clue as to who I should contact about claiming back tax on savings. Can't understand anything I've read, forms are a complete mystery. Should I see a tax specialist or financial adviser. How much should I expert to pay them? It's no good me trying to do it myself because I didn't even think I was allowed to claim back any tax.

isofa

Firstly are you definitely eligible to claim the tax back?

Check the personal allowances here: http://www.hmrc.gov.uk/rates/it.htm

If you earn more than your personal allowance, either from a salary or from interest, then you cannot have gross interest paid to your savings. You can calculate this on-line without having to ask an expert! Visit this page and enter the details: http://www.hmrc.gov.uk/calcs/r85/

All the other details can be found here regarding tax and savings: http://www.hmrc.gov.uk/tdsi/key-info.htm

If you earn or receive less than your personal allowance:

1. You can claim tax back on your savings (if it was paid net) using an R40 form.
Follow this guide here: http://www.hmrc.gov.uk/tdsi/claim-tax-back.htm

2. You can register to receive gross interest on your savings in the future.
Download and fill in this form: http://www.hmrc.gov.uk/forms/r85.pdf
And give it to all those banks you have accounts with, or alternatively go into the banks and ask to register for gross interest.

evenasus

mandy-j0 wrote: »

Hi - again!

Hope someone can give me a clue as to who I should contact about claiming back tax on savings. Can't understand anything I've read, forms are a complete mystery. Should I see a tax specialist or financial adviser. How much should I expert to pay them? It's no good me trying to do it myself because I didn't even think I was allowed to claim back any tax.

Please read the helpful posts again on your previous thread, there was some very helpful information given.

http://forums.moneysavingexpert.com/showthread.html?t=1118957

jem16

mandy-j0 wrote: »

Hi - again!

Hope someone can give me a clue as to who I should contact about claiming back tax on savings. Can't understand anything I've read, forms are a complete mystery. Should I see a tax specialist or financial adviser. How much should I expert to pay them? It's no good me trying to do it myself because I didn't even think I was allowed to claim back any tax.

The only people you need to see is HMRC as we said the last time you posted.

They will guide you through the rebate process and all for nothing. If you make an appointment for one of their tax enquiry offices they will even fill in the form for you.

Mikeyorks

mandy-j0 wrote: »

How much should I expert to pay them?

Nothing .... your problem doesn't need an expert. If you can't handle the R40 yourself - get yourself into your local HMRC and they will help you. Failing that ..... go into the Citizen's Advice ...... and give them an easy task.

Just get all the basics listed out. A bit of cutting / pasting from your previous thread would help?

And trust you got rid of the Premium Bonds and put the money into something a little more rewarding!

EDIT
Sorry Jem ..... you weren't there when I stepped in !

jem16

Mikeyorks wrote: »

EDIT
Sorry Jem ..... you weren't there when I stepped in !

No problem - I must have typed faster.

cagneyfan

there isn't a local HMRC near me, and as much as I appreciate all the help and replies from people I cannot understand a thing. It really is like a foreign language to me. I assumed I paid 20% tax on savings like everyone else but someone told me I don't qualify to fill out an R85 but could fill out an R40! I don't understand why, which is why I would rather go and see someone. No, I still have premium bonds and won £200 last month, but nothing this month

KingL

Telephone them and ask your questions. Once you (both) understand the lay of the land, they will very likely allow you to write them a letter just listing out all your income for the period (including the tax paid on it) and then they will do all the difficult bits for you.

You can get their phone number from the links above or googling for your local tax office.

HMRC are there to help you.

jem16

mandy-j0 wrote: »

someone told me I don't qualify to fill out an R85 but could fill out an R40! I don't understand why,

An R85 is filled in to register for gross interest from your bank. You can ONLY fill this in if you are a NON taxpayer. This does not apply to you.


An R40 is the form you fill in if you have paid too much tax on your interest. This does apply to you.

Here is the form;
http://www.hmrc.gov.uk/forms/r40.pdf

Print it out and then phone HMRC with the form in front of you. Ask them how to fill it in and what to put where. They will go through it with you.

Mikeyorks

As Jem correctly says : the R85 is for someone who isn't liable to pay tax. That doesn't apply to you.

But the R40 applies if you've overpaid tax .... in an earlier year. Which does appear to apply.

The closest we appear to have got to what you have paid .... as opposed to what you should pay (the difference is what you are intending to claim) .... is set out here :

http://forums.moneysavingexpert.com/showpost.html?p=13665911&postcount=9

...... meaning you look to have overpaid around £315. You can't reclaim that until the year is complete in Apr 2009. But .... if this situation has been ongoing for a while - you can claim back close to 6 years. Which is where I think you need some local help? The 10% Savings rate only came in this year ..... but there was a 10% tax rate in earlier years which essentially creates a potential overpayment of similar proportions for you.

CAB if you can't get into HMRC. But don't let it go .... you're paying tax you don't need to.