student savings

naughtynave

as a student do i need to pay tax on my savings because i dnt quite fancy that i do have an isa but is there any other savings account i can open without playing tax???

tinkerbel

Yep I think so, I'm no expert but if your income is under the tax allowance then you just fill in and send off to your bank an r85 form

CLAPTON

if your total income i.e. earnings plus gross interest received (but excluding ISA interest or student loans) DOES NOT exceed 5435 (soon to be 6035) then you dont need to pay tax... when you open a saving a/c you need to fill in a R85.



edited to make sense (in Capitals... thank you Marshall)

Sol00

Hi

Does this include interest from a current account if you are in your overdraft?

Lokolo

No, only interest that is given to you, not taken from you.

Sol00

Thanks. I thought that but thought i'd check anyway :rolleyes:

oxenryd

naughtynave wrote: »

as a student do i need to pay tax on my savings because i dnt quite fancy that i do have an isa but is there any other savings account i can open without playing tax???

:rotfl: that part made me laugh :rotfl:

marshall2k

CLAPTON wrote: »

if your total income i.e. earnings plus gross interest received (but excluding ISA interest or student loans) exceeds 5435 (soon to be 6035) then you dont need to pay tax... when you open a saving a/c you need to fill in a R85

When you exceed that amount you do need to pay tax.