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How to not pay tax when not working

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

Replies

  • grumblergrumbler Forumite
    55.9K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    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.
    We are born naked, wet and hungry...Then things get worse. :(

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
  • micheleenmicheleen Forumite
    1.6K Posts
    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:
    :j The £2 CSC = £48 in carton
    £100 banked Mar 06
    V-Free : 4 weeks :)
  • grumblergrumbler Forumite
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    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.
    We are born naked, wet and hungry...Then things get worse. :(

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
  • 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 !
  • grumblergrumbler Forumite
    55.9K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    Deemy wrote:
    5035 ?
    Oops, this is for the next year ... :o
    We are born naked, wet and hungry...Then things get worse. :(

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
  • grumbler wrote:
    Oops, this is for the next year ... :o

    LOL... :) - You better recheck your tax return ;)
  • 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?
    Jane

    ENDIS. Employed, no disposable income or savings!
  • 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
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