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Reward Card (tax on a fiver)
Comments
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Consumerist wrote: »Unfortunately, I think the tax is on the income, the fact that you spend some of that income on banking services is, as far as HMRC is concerned, irrelevant.
I'd love to be able to offset Santander's £60 pa account fee against the interest earned but I don't think HMRC will buy that !
I'm not sure the 2 situations are parallel as the Blue Reward is 'Other Income' and 123 interest is, er, interest. To use another inexact parallel, I would be able to claim expenses against employment/self employment income.
However, I don't know the answer for certain - maybe you, or somebody else does?0 -
PeacefulWaters wrote: »No.
You should complete an HMRC form R40 and reclaim £1.25 for each month you've received the finer from HMRC.
How far back could the extra be reclaimed, more then two years ?0 -
sabretoothtigger wrote: »How far back could the extra be reclaimed, more then two years ?
How to claim
Fill in form R40 and send it to HM Revenue and Customs (HMRC). It normally takes 6 weeks to get the tax back.
You must reclaim your tax within 4 years of the end of the relevant tax year.
Taken from the Gov.UK website
https://www.gov.uk/apply-tax-free-interest-on-savings/how-much-tax-you-payI’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%£2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%Total £4095.19/£7332.95 = 55.84%0 -
R40 guidance notes...sabretoothtigger wrote: »How far back could the extra be reclaimed, more then two years ?
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/419507/R40_Notes__2015_internet_v2.0.pdf
You'll need to act very quickly if you're going back as far as 2011/12.0 -
No. Unfortunately, neither do I for certain but I take your point vis-a-vis Santander interest as opposed to income.changearound wrote: »I'm not sure the 2 situations are parallel as the Blue Reward is 'Other Income' and 123 interest is, er, interest. To use another inexact parallel, I would be able to claim expenses against employment/self employment income.
However, I don't know the answer for certain - maybe you, or somebody else does?
Warning: In the kingdom of the blind, the one-eyed man is king.
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SO... now England its the Scots turn to say dont leave the UK, stay in Europe with us in the UK, dont let the tories fool you like they did us with empty lies... You will be leaving the UK aswell as Europe
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The new online <Digital Tax Account> should make all these forms redundant.by this time next year if all goes according to plan.How to claim
Fill in form R40 and send it to HM Revenue and Customs (HMRC). It normally takes 6 weeks to get the tax back.
You must reclaim your tax within 4 years of the end of the relevant tax year.
Taken from the Gov.UK website
https://www.gov.uk/apply-tax-free-interest-on-savings/how-much-tax-you-pay
But this is HMRC and we all know how well-meaning government initiatives tend to go t*ts-up from the get-go so we'll just have to wait and see.Warning: In the kingdom of the blind, the one-eyed man is king.
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Consumerist wrote: »The new online <Digital Tax Account> should make all these forms redundant.by this time next year if all goes according to plan.
But this is HMRC and we all know how well-meaning government initiatives tend to go t*ts-up from the get-go so we'll just have to wait and see.
That would be good, it took the 8 weeks to get my cheque in the post for the last few years, but I suppose its worth the 10 mins filling to form out, minus the cost of the stamp mind.I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%£2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%Total £4095.19/£7332.95 = 55.84%0 -
YorkshireBoy wrote: »R40 guidance notes...
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/419507/R40_Notes__2015_internet_v2.0.pdf
You'll need to act very quickly if you're going back as far as 2011/12.
Yes I have tax from 2011 to claim I think. Do I need to include anything with the form, I havent really got any old papers.
Is the deadline midnight today or in 24hr0 -
The deadline is midnight 5/6 April.sabretoothtigger wrote: »Yes I have tax from 2011 to claim I think. Do I need to include anything with the form, I havent really got any old papers.
Is the deadline midnight today or in 24hr
HMRC may want tax certificates from the years for which you are claiming. The banks should still hold the records but you may have to pay to get copies to send to HMRC if asked for.
I'd say get the claim in asap and worry about the details later.Warning: In the kingdom of the blind, the one-eyed man is king.
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