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How to not pay tax when not working

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

Comments

  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
    micheleen Posts: 1,635 Forumite
    1,000 Posts Combo Breaker
    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 :)
  • thanks :T
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
    Deemy Posts: 3,683 Forumite
    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
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Deemy wrote:
    5035 ?
    Oops, this is for the next year ... :o
  • Deemy
    Deemy Posts: 3,683 Forumite
    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!
  • Deemy
    Deemy Posts: 3,683 Forumite
    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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