R85

Tazni

I'm not sure if this has been posted before, but if you haven't heard of an R85 and you don't pay tax it might be worth looking into.

I've been paying tax on my savings the past few years not knowing that there was a way for me to avoid it. I don't earn enough to pay tax and thought it was just the way it was with interest on savings accounts.

An R85 form can be filled out to avoid any tax on your interest payments, this saved me over £200 this year and I'm grateful to have discovered it when I did!

Miss_Havisham

Have you asked your bank if they would consider back-dating it into the last tax year and refunding the tax element ? (I did this occasionally when I managed accounts years ago !).

Tazni

I haven't, maybe I'll give it a shot Thanks!

xylophone

Have you reclaimed tax overpaid in previous years?
http://www.hmrc.gov.uk/incometax/tax-free-interest.htm