I have been paying tax on savings

mariejader

We had a financial advisor over last night checking our pensions etc, in passing he said to me have you told the bank and any one you have savings with you are not working?

I had not realised because I am not working I don't have to pay tax on my savings, so it's off to the bank I go now and get the forms completed so I don't get taxed :T

I thought I would post here as I am sure I am not the only one in this position, it may save you a few £'s, he also said it's best to have any savings we have put intp my name rather than joint accounts due the tax savings, obviously hubby trusts me 100%:rotfl: :rotfl:

nilrem_2

mariejader wrote: »

I had not realised because I am not working I don't have to pay tax on my savings, so it's off to the bank I go now and get the forms completed so I don't get taxed :T

AFAIAA it does not depend on whether you are working or not it is based on your income which ever way you get it! My wife does not work but receives taxed interest on her savings, each year we fill in form R40 (download or get it from IR office) and receive a fair proportion of it back, the first £2000 of savings interest is taxed by the building society @20% whereas this should be @ 10% so that's £200 back to start with plus of course you have your personal allowances to take into effect.

nilrem_2

I forgot to mention that with Form R40 you can claim back tax on Saving interest (if you have overpaid) going back over the last five years (depending when you claim) The cut off date is normally the last day in January.

debbie42

I second what's already been said: it's to do with your income (including savings, pensions etc.), not whether you're working or not.

More info here:
http://www.direct.gov.uk/en/Diol1/DoItOnline/DG_4017954

Aegis

Someone report the post by shakeera... I'd do it, but I'm at work and don't want to use my work account!

Just in case anyone wonders why, it's because .info links tend to be spamfests, and often contain spyware or other malicious code that you really don't want. As such, I haven't opened the link and suggest that others don't either!

Mikeyorks

Consider it done .... you who should be working!

Fedz

The link is flogging a very American looking book with equally American looking images ...etc about reclaiming in US/Canada :rolleyes: