R40 tax rebate

oldfella

I submitted my R40 for the tax year ending April 2009 2 weeks ago, and have just got my rebate from HMRC for savings interest

so you dont need to wait until April, assuming you know reasonably closely what your income and savings will be.

POLO_MINT_2

WHAT IS THIS FORM? AS A PENSIONER WITH SAVINGS i AM VERY INTERESTED

PLO MINT

elektra

This is the link for the form and help guide. It is to reclaim tax paid on savings interest if you are a non tax payer. There will be other threads on here about it.

http://search2.hmrc.gov.uk/kbroker/hmrc/forms/viewform.jsp?formId=818

lindabea

oldfella wrote: »

I submitted my R40 for the tax year ending April 2009 2 weeks ago, and have just got my rebate from HMRC for savings interest

so you dont need to wait until April, assuming you know reasonably closely what your income and savings will be.

Hi oldfella, this is very interesting - I didn't know you could send the R40 at any time. Did you send the tax certifcates with your form? I do not usually receive mine until May/June, and for this year, I don't know if the banks will send me a certificate for my e-savings accounts. Would the IR accept computer printouts?

cagneyfan

POLO_MINT wrote: »

WHAT IS THIS FORM? AS A PENSIONER WITH SAVINGS i AM VERY INTERESTED

PLO MINT

Hi, you should look into this. I've just received 5 cheques yesterday for 5 years backdated. I really had no idea that I was allowed to claim anything. I'm not working due to ill health but someone from this site (and I can't recall his name, but thanks very much anyway) advised me to fill in an R40. I put it off for ages as when I got the form it may as well have been in Swahili for what sense it made to me! Eventually, I schlepped up to Town and got someone from the tax office to help. She was a bit stand offish and would only show me how to fill in one form, which is fair enough I suppose, and I had to do the rest. I was terrified I'd filled them in wrong and was worried a swat team would arrive to interrogate me. But I now have just over a thousand pound. Without meaning to sound greedy, I am annoyed that I could've been filling this form in for years but had no idea. Which means there are probably loads of people out there entitled to cash without knowing

cagneyfan

I think it was Sloughflint who helped me. So thanks very much Sloughflint

Biggles

You can send the R40 as soon as you know you have overpaid tax.

You don't need to send tax certificates with it, though you may need some evidence if there are any queries. Refunds tend to be pretty prompt as a rule.

oldfella

all the R40 requires is a statement of income - dividends, pension, earned income, savings, together with tax paid.

Heinz

My wife doesn't work any longer and so wasn't using her tax allowance at all.

As she's under pensionable age, we decided that most of our savings are now hers alone - and she has submitted an R85 for each account to get interest paid gross.

However, there are some accounts for which we are still joint holders (our current A/C for example) and so I maintain an Excel spreadsheet of those and calculate the 'half the interest was hers and half was mine' amounts at the end of the financial year.

In May 2009, 'she' submitted an R40 to her old (PAYE) HMRC office in Ipswich claiming what I had calculated was the tax she had paid unnecessarily (no back-up evidence - although we had that filed in case they queries the claim). She heard nothing - so submitted a duplicate about 6 weeks later.

A few weeks after that 'she' received a snotty letter from an HMRC office in Leicester telling 'her' she had forgotten to enter the year for which she was reclaiming on the first page of the R40* - so she entered that and sent it back.

* This was the duplicate form so the original has clearly disappeared into the HMRC black hole.

Yesterday, a BACS payment for exactly what she claimed arrived in her account. That's £348 they had which is now in the hands of its real owners!

I have now 'diarised' a blank R40 ready for 6 April 2010.

rb10

Heinz wrote: »

My wife doesn't work any longer and so wasn't using her tax allowance at all.

As she's under pensionable age, we decided that most of our savings are now hers alone - and she has submitted an R85 for each account to get interest paid gross.

However, there are some accounts for which we are still joint holders (our current A/C for example) and so I maintain an Excel spreadsheet of those and calculate the 'half the interest was hers and half was mine' amounts at the end of the financial year.

Your wife should still be able to register herself for gross interest on the joint account, leaving you as a taxpayer. The bank will then just effectively deduct 10% tax from the interest (you pay 20% on your half of the interest, your wife gets the full amount of her half). This would save you having to do an R40.

evenasus

oldfella wrote: »

I submitted my R40 for the tax year ending April 2009 2 weeks ago, and have just got my rebate from HMRC for savings interest

so you dont need to wait until April, assuming you know reasonably closely what your income and savings will be.

I submitted my R40 for the year ending April 09 on the 8th April and received the refund payment two weeks later.