How to not pay tax when not working 31 January 2006 at 6:45PM in Savings & investments 9 replies 1.1K views

DilbertJones

How do you register to pay no tax on your bank accounts when your not working due to a baby?

grumbler

Submit R85 form to your bank(s). Remember, however, you pay tax on the whole income received during a tax year, i.e. if your income is more than 5035 since April 2005 you pay taxes until April 2006.

micheleen

Ask your bank for form R85, I believe your years income needs to be below the tax threshhold for this to apply.

edit: beat me to it Grumbler :rolleyes:

DilbertJones

thanks :T

grumbler

Forgot to mention ...
If you paid tax till now and stopped working before the end of the financial year, you could be eligible for a tax refund and can claim part of the tax paid back after April 5, 2006.

Deemy

grumbler wrote:

Submit R85 form to your bank(s). Remember, however, you pay tax on the whole income received during a tax year, i.e. if your income is more than 5035 since April 2005 you pay taxes until April 2006.

5035 ?

Allowance is 4895.

And remember SMP counts as income !

grumbler

Deemy wrote:

5035 ?

Oops, this is for the next year ...

Deemy

grumbler wrote:

Oops, this is for the next year ...

LOL... - You better recheck your tax return

recovering_spendaholic

I am a total dimbo at tax and stuff but I got made redundant on 31st December and am planning on taking a year to eighteen months off to try and do some writing (well, I say this but I just want a bit of a sit off and my redundancy will fund it). From April this year as I am not working will I be able to register for no tax on my savings?

Deemy

recovering_spendaholic wrote:

I am a total dimbo at tax and stuff but I got made redundant on 31st December and am planning on taking a year to eighteen months off to try and do some writing (well, I say this but I just want a bit of a sit off and my redundancy will fund it). From April this year as I am not working will I be able to register for no tax on my savings?

............Yes