Reclaiming Taxed Interest?

KoRWraith

I just found that since I'm a student and earn under £6000 a year I shouldn't have to pay any tax on my savings - but I've never filled out an R85 form and so any interest I've received has been taxed.

I currently have around £5000 in savings, this having fluctuated over the years and between a couple of different bank accounts. I was wondering how I go about reclaiming tax that has been taken off my interest in the past, e.g. do I fill in one form and someone else does the rest, or do I have to go over old statements and come up with a figure of what I think I'm owed?

I read that I can only claim back-dated taxes from up to 5 years, but I'm 19 years old and so don't think this should be an issue, as I think I read somewhere that you don't pay tax on interest until you're 16/18?

Any advice on how to proceed would be greatly appreciated!

barginunter

http://www.hmrc.gov.uk/forms/r40intro.htm

There's a form here to print out and fill in to reclaim tax.

opinions4u

1. For the current tax year, complete (or verbally register) an R85 form for each savings account. This will ensure any interest paid from 6th April onwards is paid without a tax deduction.

2. For previous tax years, request a tax certificate for each account and send these to your local tax office confirming you had no income above the threshold for the year and would like the tax back.

3. All under 18s are subject to tax on their interest, even new born babies. It's just most of them earn less than the tax allowance (currently £6,035) so don't actually have any to pay. Child actors may be a typical exception to the rule.

4. Remember to cancel the R85 registration if your income looks like exceeding the £6,035 limit.

evenasus

I filled in and sent off R40 forms last month, to claim (not a lot) tax back on savings.

I'm retired and just have the state pension (rely on hubby's nice pension;) )
so can claim just a couple of hundred a year back tax.

It states on the forms, that you are not to send your certificates with the forms. I imagine, they will ask for them if they think there is a need.