Student Savings Account

amyparr

Hello!

I was just wondering whether I should be taxed on the interest on my savings account as I'm a student at University? I thought it was worth asking!

Amy

isasmurf

You will be automatically taxed on your savings account. To stop tax being deducted you need to fill an R85 for each savings account you have. You can get them from your bank.

littlemissmoney

Hi isamurf

How often do you have to fill in an R85? Do they not charge you tax untill you tell them otherwise? I haven't told them I'm no longer a student They might want back 2p of the 10p interest I get each month :rolleyes: Seriously though, is there another form to declare that I am now a tax payer?

isasmurf

You only fill in an R85 once for each account. This is then valid until you tell the bank otherwise. If you become a taxpayer just tell your bank that you are now a taxpayer and would like to withdraw the R85 registration.

littlemissmoney

Thanks for the info iasmurf

jem16

amyparr wrote:

Hello!

I was just wondering whether I should be taxed on the interest on my savings account as I'm a student at University? I thought it was worth asking!

Amy

Do you have any job at all as well as being a student? Students have the same tax allowances as anyone and if you earn more than that with a part-time or holiday job you will still be taxed.

ReportInvestor

You shouldn't need to pay tax unless you are earning (wages + savings interest) just under £5K.

amyparr

Hiya nope I'm not earning anything at the moment, thanks for all of the useful advice!

Amy

ReportInvestor

Hi Amy,

Why not mention to your student union that this is Money Saving advice they should be publicising widely .

Along with this site's web address :j

There must be many others like you.

surfcat

isasmurf wrote:

You only fill in an R85 once for each account. This is then valid until you tell the bank otherwise. If you become a taxpayer just tell your bank that you are now a taxpayer and would like to withdraw the R85 registration.

Unfortunately it is not that simple Isasmurf. I have told HSBC 3 times now that I am now a taxpayer. The first was by secure message, to which they confirmed that I was receieving gross interest and would I like a R85 posting out to me (?!?). The second time (again secure message) they told me that I would either have to visit a branch or write to my home branch to make the change. Time 3 (written to home branch, spelling out exactly that I want tax to be taken from my interest), and again they send me an R85 (now to a previous address!), but this time with detailed instructions in big letters.

This weekend they will be getting a letter by recorded delivery asking why they don't employ people who can read.