R40 form

Nine_Lives

http://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CEQQFjAA&url=http%3A%2F%2Fwww.hmrc.gov.uk%2Fforms%2Fr40.pdf&ei=P4GBT9HDOMXE8QPU1ZCcBg&usg=AFQjCNEwezQP0w7UL835x8Jd0hgnO-owuA

My sister is a non tax payer at the moment on the grounds she doesn't earn enough. She has a Halifax reward CA (& a joint one) which has money cycled through it to get the reward.

Looking at section 3 on the form..

3.4: Is this in the event that she already receives gross interest from an account (for example, she receives net interest from Halifax but she MAY receive gross interest from Santander (for this example), would she put Santander's interest figure in 3.4?

Quite handy i used that example as she does actually receive (net) interest from Santander which i'd forgotten about.

2.1 & 2.7: Are these necessary for getting repayment of bank account interest? If yes, then there's no problem, it's just going to delay things until she receives her P60 (if she receives, as she's only a bit part worker) & i'm guessing she may receive an end of year summary for her pension payments.

Sections 4-10 don't apply to her anyway.

Nine_Lives

Would there be a better forum to ask this question in?

jimmo

The Halifax reward (interest) requires entries in boxes 3.1, 3.2 and 3.3.

The Santander interest goes into box 3.4.

Boxes 2.1 and 2.7 need to be completed. This is because the form requires a statement of total income for the year to confirm that the claimant is entitled to the repayment.

At a push, you could put in estimated figures if you wanted, just to speed up the repayment but you would need to submit the correct figures when available.

Nine_Lives

Thanks very much jimmo.

Getting the employment figures could be a bit of a nuisance. I don't know how her place processes P60s as she's only a bit-part worker. I'll tell her she needs to press for one.

jem16

K_P83 wrote: »

Thanks very much jimmo.

Getting the employment figures could be a bit of a nuisance. I don't know how her place processes P60s as she's only a bit-part worker. I'll tell her she needs to press for one.

They should do. All employees are entitled to a P60 by the end of May. It doesn't matter how little they work.

Nine_Lives

Thanks jem. And if May comes & goes & she still doesn't have it?


I know that's a bit too "what if" for some peoples liking, but it's handy to know.
I'll tell her she needs to see them for it though.

jem16

K_P83 wrote: »

Thanks jem. And if May comes & goes & she still doesn't have it?

Then she asks for it and reminds them that's they are legally required to give it to her.

Nine_Lives

jimmo wrote: »

The Santander interest goes into box 3.4.

Just re-reading this & am wondering if you're sure with the above?

As 3.4 is for "if you get interest that has NOT been taxed at all".

Her Santander interest HAS been taxed though. For example:

March: Net interest = £7.75 (£1.94 tax deducted).

Contacting Santander to enquire about the net interest rate & they said there isn't one as it depends on your personal circumstances. The gross is 5.00%, but they wont give the net interest rate as "there isn't one".


In this case, would i be correct in thinking that the figures in 3.1, 3.2 & 3.3 should be the sum of Halifax interest -added to- Santander interest, to make 1 blob of interest?

Mikeyorks

K_P83 wrote: »

Contacting Santander to enquire about the net interest rate & they said there isn't one as it depends on your personal circumstances. The gross is 5.00%, but they wont give the net interest rate as "there isn't one".

That sounds like Santander! If the gross is 5% ...... then the net is 4%. As the standard 'witholding' tax on all interest accounts is 20%.

(But - I think the AER is 5% and the gross is 4.89%. In which case the net is 3.91%.)

Nine_Lives

Cheers Mike. I figured they could've given me a breakdown of it, but i suppose it was too much to ask for.

Anyway, Santander & their ways aside .... am i correct in my thinking in post #8 - that the interest she's received from both accounts - Halifax & Santander (her only banks) should be lumped together & counted "as one" if that makes sense?

jem16

K_P83 wrote: »

am i correct in my thinking in post #8 - that the interest she's received from both accounts - Halifax & Santander (her only banks) should be lumped together & counted "as one" if that makes sense?

Yes they should.

Jimmo's answer was to your statement in Post 1 that your sister may receive gross interest from Santander.