Internet banking - how to get tax back?

kevtrader

Hi

I'm thinking of opening a savings account with Cahoot which is internet based but I earn less than £4600 per year the moment and won't be paying any tax yet. The question is how do I tell Cahoot that I don't pay tax as they are internet based or should I go for a branch based company?

Thanks

ctm_2

If you go to https://www.cahoot.co.uk and go to the "any questions?" section and type "How can i get my interest paid without tax being taken off?" into the box, it gives you this answer:

You can receive tax free interest on the funds in your cahoot account if you're registered as a non-taxpayer in the UK. To do this, fill in an R85 for each relevant account held with cahoot for which you wish to receive tax-free interest. To request a R85 form go to the 'change my details' section and click on 'your work details'. New customers can request an R85 form during the application process."

andykolo

when u get the tax form when do you fill it in at the end of a tax year or must you do it every year ????

grumbler

ASAP
AFAIK you don't need to renew it every year - it works untill you cancel it.

Aark

Once Cahoot receive your completed R85 form they will pay interest without tax deducted until you tell them otherwise. You have to inform them when your income exceeds the tax personal allowance in the future.

Fatboy_NSS

Cahoot may be internet based (well, based in Coventry) but the Inland Revenue isn't, so cahoot have to accept paper tax forms! Seriously, all you have to do is tell them you're not a taxpayer when you open the account and they'll send you the relevant form to sign.