Tax question - ING

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heatherw_01
heatherw_01 Posts: 6,554 Ambassador
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in Savings & investments
I took out a ING Direct savings plan and had the option to choose taxpayer or non taxpayer. I chose taxpayer as I didn't realise that as I don't work I shouldn't have to pay tax. Is this correct?

How can I change my plan to a non taxpayer account?
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  • ioscorpio
    ioscorpio Posts: 2,360 Forumite
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    Get a R85 form from your bank or tax office to declare that you are a non-tax payer.
    If you claim want to claim back tax you have paid prior to 6/4/05, that you should not have paid, then you need to claim that back from the tax office.
  • cloud_dog
    cloud_dog Posts: 6,044 Forumite
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    Its not just about if you work; you can claim your interest tax unpaid upto your personal allowances once you have deducted all other sources of income, i.e. other interest, probably any benefits (although I haven't actually reasearched this), plus I'm not sure if maitenance payments, etc count towards your allowance. Obviously these may not be relevant but its worth bearing any sources of income in mind.

    cloud_dog
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  • misters_2
    misters_2 Posts: 516 Forumite
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    This may sound silly but what do i do with the R85 form once i have it?

    Do I give it to the bank or the tax office, and if its the bank how would i go about doing this with ING? Considering its online.
    :cool: :cool: misters :cool: :cool:
  • Kazza242
    Kazza242 Posts: 2,169 Forumite
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    misters wrote:
    This may sound silly but what do i do with the R85 form once i have it?

    Do I give it to the bank or the tax office, and if its the bank how would i go about doing this with ING? Considering its online.

    Once you complete the R85 form, the ING site says you must send it to the following address:

    ING Direct
    FREEPOST NATW1784
    Reading
    Berkshire
    RG6 1BR

    Here is a link to the ING Direct 'Register for Gross Interest page'. It features links to the Inland Revenue's R85 form download page.
    Please call me 'Kazza'.
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
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    You also need to get an R40 form for the previous tax year, This will enable you get the tax back on 2004/05 - This form is obtained from and sent back to the Inland Revenue
  • heatherw_01
    heatherw_01 Posts: 6,554 Ambassador
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    does it matter though as I am married but I do not work?
    I’m a Forum Ambassador and I support the Forum Team on the Quick Grabbit, Freebies, Overseas Holidays & Travel Planning and the UK Holidays, Days Out & Entertainments 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 MoneySavingExpert.
  • cloud_dog
    cloud_dog Posts: 6,044 Forumite
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    heatherw_01 wrote:
    does it matter though as I am married but I do not work?

    No. These are personal allowances. Not to be confused with household income, like when applying for benefits or credits.

    cloud_dog
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • heatherw_01
    heatherw_01 Posts: 6,554 Ambassador
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    Jusy had a look at the R40 for claiming tax back. My god it is a bit complex!
    I’m a Forum Ambassador and I support the Forum Team on the Quick Grabbit, Freebies, Overseas Holidays & Travel Planning and the UK Holidays, Days Out & Entertainments 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 MoneySavingExpert.
  • Kazza242
    Kazza242 Posts: 2,169 Forumite
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    heatherw_01 wrote:
    Jusy had a look at the R40 for claiming tax back. My god it is a bit complex!

    A set of accompanying notes are available for those completing the R40 form. It might be of help to you. You can download them from the Inland Revenue website. Here is a link to it.
    Please call me 'Kazza'.
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