R 85's

bebop

What happens to R.85 forms, do the building society's keep them ? does anyone add up the gross interest if you register with more than one? If you put N.I. number on do they add it all up? ???

dunstonh

Yes, there is monitoring of the amount of gross interest paid (at the revenues end)

Reaper

The building societies don't know your tax situation, so no they won't do any adding up, they will pay it to you gross without any further checking. However the inland revenue will. R85 is an inland revenue form so it goes straight to them. If you are thinking of using this for tax avoidance - don't.

Walletwatch

Irrespective of whether the Inland Revenue queries on the info, or even gets it, I think the onus is on the individual filing his tax returns to declare this income, and make any extra payment towards tax that is due...

Robert_Sterling_3

If you are thinking of using this for tax avoidance - don't.

Correction

If you are using it for tax avoidance carry on regardless.
If you are thinking of using it for tax evasion DONT.

deemy2004

Irrespective of whether the Inland Revenue queries on the info, or even gets it, I think the onus is on the individual filing his tax returns to declare this income, and make any extra payment towards tax that is due...

Likely that 99.99% of people earning less than 4745 don't get a tax return.

The rule is you should not complete the form if your income is likely to exceed 4745 by even £1. Instead R40 is available to recieve a tax refund on tax deducted on interest.

miss_sixty_3

could anyone advise me a good account to invest some money for my grandchildren.?

Robert_Sterling

Duplicate post has been deleted