R85 form-claiming back savings tax

NottsCountyRule

I started uni in October, having previously worked full time.

I have a Alliance & Leicester Online saver issue 2, and received the annual interest recently which i paid tax on. Can I claim this back?

Also my current account is with Alliance and Leicester which pays 5% interest every month which presumably I also pay tax on. Can I claim this back for the months I have been a student.

Do I have to wait till the end of the tax year, so next April, or should I fill out a R85 form now?

My course finishes in July 2007 so can I claim tax back for April, May and June 2007 as well?

I'm not clear so thanks in anticipation for any advice you can offer.

Savvy_Sue

Depends how much you've earned so far this tax year: if you have already earned more than your personal allowance of just over £5000 then no, I don't think you can fill in an R85 to get your interest gross. Next tax year might be different, if you don't expect to earn more than the PA.

That doesn't mean you're not entitled to any tax back, however, since you were paying tax for 6 months at a rate which anticipated you'd be on the same pay until the end of the tax year. Not sure about the logistics of claiming part-way through the tax year, but if you phone the tax office who were dealing with your tax when you were working (should be on your P45!) they should be able to advise you and they're usually quite friendly.

NottsCountyRule

Thanks Savvy Sue

I have reclaimed my tax back (received a cheque this week).

I'll have to work out if i've earned more than £5,000.!!!

si1503

Important you ensure that you are registered for gross interest on all of your accounts to prevent this situation re-occuring in the future.

Savvy_Sue

NottsCountyRule wrote:

Thanks Savvy Sue

I have reclaimed my tax back (received a cheque this week).

I'll have to work out if i've earned more than £5,000.!!!

Does your final P45 not give you this information? It should do, if you either worked in only one job since the start of the current tax year, or you only worked in one job at a time and always handed a P45 from your old employer to each new employer!

NottsCountyRule

I've checked my p45 and it does indeed give me the info Savvy Sue.

I have earned more than £5,000 in this tax year.

I think everything is indeed now in order, cheers for all your help.