Can I claim tax paid on savings?

Dezza666

Hi, just a quick question. I earn't below the tax threshold last year. Can I claim back the tax that has been deducted from the interest that I have been paid on my savings?

Sparky47

Yes, just fill in form R40 available on the HMRC site.

http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?formid=818&record=pf-A5D0R72E

atush

Also send them an R85, so you don't have to do this again.

cing0

atush wrote: »

Also send them an R85, so you don't have to do this again.

Just to clarify, send the completed R40 to HMRC, completed R85 to your bank/savings provider.
Takes about 45 days to get the tax refund from HMRC.

alanq

atush wrote: »

Also send them an R85, so you don't have to do this again.

Only if you expect to be below the tax threshold this year too.

bobbyj_2

if you have an accountant does he automatically calculate this on your return? Ie Do you not need to send these forms?

hermante

bobbyj wrote: »

if you have an accountant does he automatically calculate this on your return? Ie Do you not need to send these forms?

Yes. If you want the bank to give you your interest without tax, then you need to send the R85 to the bank.

Though if you are only earning 7K, why would you need an accountant..

Vortigern

hermante wrote: »

Though if you are only earning 7K, why would you need an accountant..

... to conceal other earnings from the taxman?

... to convince the taxman the OP can live on 7K pa?

bobbyj_2

why not think before posting?

Quite feasible that somebody makes money investing in shares and so pays CGT and also has savings but no other form of income. Deary me.

kar999

Sparky47 wrote: »

Yes, just fill in form R40 available on the HMRC site.

http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?formid=818&record=pf-A5D0R72E

Can this be used for self employed non-taxpayer?

Some prior year net interest was missed off my wifes's self assessment for the last two tax years when she didn't pay tax.