R85 tax form

neil324

When your circumstances change when do you need to inform the inland revenue.

Ive received interest without paying tax but intend to start work shortly so tax will have to pay tax on the interest.

Do i ring the inland revenue now or wait untill i submit a tax return

BoGoF

Your first port of call is to de-register the accounts with your bank/building society so that tax is now deducted.

If you complete a Tax Return you will declare the gross and net interest in that. If you do not complete a return you should write to HMRC at the end of the tax year and notify them of the interest.

neil324

Ok thanks, i will be self employed so will be filling in a tax return, just was'nt sure if i had to inform them now or wait, i know they give out warnings etc for inproper use of the R85. I also don't won't to bring attention to my self in regard self assessment as investigations can be stressful.

juicyjude

I am retired and complete an R85 form, but last year for 2 months I realised I would be going over the limit till 6th April ie from Feb - April so I de registered all my saving accounts as they are my only form of income, of course along with my ISAs which arent taxable.