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Tax - TSR guide and questions thread

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    Your student loan doesn't even qualify as income. If you don't have a job, you have zero income, and you're absolutely eligible for gross interest.
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    Yeah I work part time so qualified, print off a form from HMRC fill one in for each account then hand it to the cashier at your local branch
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    Excellent! Thanks for all the great responses guys I simply had to choose the option to register for gross interest on my online banking service with Santander!

    Also, I have a second question - seeing as I've only just realised I am eligible to do this, can I now claim back the tax that has been taken from my savings since... Well, I don't know when since? Since I've been old enough to be taxed perhaps?

    Thanks!
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    (Original post by JayS90)
    Excellent! Thanks for all the great responses guys I simply had to choose the option to register for gross interest on my online banking service with Santander!

    Also, I have a second question - seeing as I've only just realised I am eligible to do this, can I now claim back the tax that has been taken from my savings since... Well, I don't know when since? Since I've been old enough to be taxed perhaps?

    Thanks!
    Yes, you can go back up to four tax years - so, at this point you can reclaim Income Tax paid on interest from the year ended 5 April 2009 onwards. Unfortunately you've just missed the deadline for reclaiming for the year ended 5 April 2008. You'll need to download and complete a form R40, then send this to your tax office. Here's the form: http://search2.hmrc.gov.uk/kb5/hmrc/...72E&formid=818

    More info here: http://www.hmrc.gov.uk/incometax/tax...interest.htm#3


    Just a quick point on your original question - if you're able to go into a branch of your bank the process may be easier (not that it's that hard in the first place, though! ), as they may well be able to print out a pre-populated form that you just need to sign and hand back to them in person. Alternatively, here's a download link for the blank form: http://search2.hmrc.gov.uk/kb5/hmrc/...-lk&formId=835
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    (Original post by Illusionary)
    Yes, you can go back up to four tax years - so, at this point you can reclaim Income Tax paid on interest from the year ended 5 April 2009 onwards. Unfortunately you've just missed the deadline for reclaiming for the year ended 5 April 2008. You'll need to download and complete a form R40, then send this to your tax office. Here's the form: http://search2.hmrc.gov.uk/kb5/hmrc/...72E&formid=818

    More info here: http://www.hmrc.gov.uk/incometax/tax...interest.htm#3
    Shame I didn't find this option hidden away earlier! :rolleyes: but thanks for the info I assume I can send off the form now and claim back for the tax year ended April 2009 onwards?
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    (Original post by JayS90)
    Shame I didn't find this option hidden away earlier! :rolleyes: but thanks for the info I assume I can send off the form now and claim back for the tax year ended April 2009 onwards?
    Yes you should probably ask your bank to send you a statement of how much tax on interest you've paid over each year just so you have a clear statement to send HMRC.
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    (Original post by alibee)
    Yes you should probably ask your bank to send you a statement of how much tax on interest you've paid over each year just so you have a clear statement to send HMRC.
    Wicked, I've requested tax certificates on my accounts for the previous 4 years thanks for all the advice, guys!
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    (Original post by MancStudent098)
    In addition to what Illusionary said, bear in mind that national insurance contributions (which are calculated weekly) are different to income tax (which is calculated yearly). Therefore it's likely that she will not be entitled to any refund on the NI amount, just the income tax.
    You can only get a refund on any NI if they've taken too much.
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    (Original post by OU Student)
    You can only get a refund on any NI if they've taken too much.
    I think it's safe to say that you can only get an income tax refund if they've taken too much - it's just that because income tax is calculated yearly rather than weekly the scope for that to happen is higher than with NI.
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    Also, you don't pay NI on savings interest
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    I work seasonally, and last month was the first month back at work, and i haven been teaxed on my wages. I shouldn't get taxed as i'm a full time college student, and i didnt get taxed last year (y12.) Does anyone know how i can claim this money back, and what form i need to got to prevent being taxed further??

    - I can't find the infomation anywhere, as its ofton contradictory about this stuff on the tinterweb!! thanks
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    (Original post by sarahlabrosse)
    I work seasonally, and last month was the first month back at work, and i haven been teaxed on my wages. I shouldn't get taxed as i'm a full time college student, and i didnt get taxed last year (y12.) Does anyone know how i can claim this money back, and what form i need to got to prevent being taxed further??

    - I can't find the infomation anywhere, as its ofton contradictory about this stuff on the tinterweb!! thanks

    This has nothing to do with whether you get taxed or not.
    Just send a letter to the tax office to say you think you've overpaid.
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    Ohh, well is it because i'm under 18 then? I know theres some reason i shouldn't be taxed, i just forgot what it is, and my boss said i shouldn't have been too, but he said hed get me the forms and stuff - but hes kind of useless if i wait for them of him, il be waiting until next season!
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    You can only claim back tax if you've overpaid. It's nothing to do with age or being a student.

    Have you handed in a P45 / filled in a P46?
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    well i claimed it back last year? but the boss did it for me - it just took forever and i have a holiday to pay off!
    Welli have overpaid as i shouldn't have payed at all ? wahh!!
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    There should be a payroll department at work who will tell you what you need to do. Any idea what your tax code is? It's it's BR, you get taxed 20% on everything you earn.
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    (Original post by sarahlabrosse)
    well i claimed it back last year? but the boss did it for me - it just took forever and i have a holiday to pay off!
    Welli have overpaid as i shouldn't have payed at all ? wahh!!
    I'm assuming that this is for income in March? At this point, the tax year has just ended so it won't be possible for a refund to come via the payroll system. There are two things that you'll need to do here:
    • Get in touch with your tax office and explain that you think that you've overpaid Income Tax for 2011/12. They may already have the information that they need to be able to arrange a refund, but if not they should be able to explain what more you need to do.
    • Check the tax code shown on your payslip, which is likely either "BR" or "0T" - both of these codes will result in your income being taxed at the basic rate of 20%, without any tax-free amount being considered. If it is, you can either speak to your work HR/payroll department about getting it updated, or again to your tax office. For the new tax year (which started on 6 April), I'd expect your tax code to be "810L" if this is your only source of income and you receive no taxable benefits. Being on the correct tax code should mean that you're taxed correctly going forward.


    To avoid problems in future, when starting a new job make sure that you hand in the form P45 that you received from your previous employer, or alternatively complete a form P46 http://www.hmrc.gov.uk/forms/p46.pdf

    As above, it's important to remember that the reason why you're likely to have overpaid here is having a low total income (less than £7,475) for the year, not that you're a student or under 18.
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    I had a job for about 4 months, didn't realise that my employer wasn't taking tax under the PAYE scheme until I received my first payment and then I asked about it and he told me I'd have to declare it myself! I panicked as it was my first job and I don't know anything about tax!! I made around £4000ish so I can't get it included in my current tax code (I can't remember the exact figure, I'll go through my bank statements to check each payment in order to declare it). I have no P45/P60 or anything and I don't know my employers PAYE reference. It was completely casual and I was really concerned by this when I realised I had to fill out a tax return and it asks for all of this information. I don't know how to fill it out :o: I also don't know whether I counted as self-employed nor whether I need to fill out the employment section (though I guess I do? it asks "If you were an employee, director, office holder or agency worker, do you need to complete the employment section?") I should mention that when I asked about the tax he said that he didn't have me down as an employee but as a contractor or sub-contractor or something (not really sure about this or what it means!) :/
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    If you made £4000 and didn't have any other jobs, you wouldn't be paying tax anyway. (the tax free allowance for 2011/2012 was £7475 and for 2012/2013 is £8105)
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    (Original post by OU Student)
    If you made £4000 and didn't have any other jobs, you wouldn't be paying tax anyway. (the tax free allowance for 2011/2012 was £7475 and for 2012/2013 is £8105)
    I know but I still have to declare it even if I don't owe any tax. I have actually got another job since then though (although I'm fairly sure I wouldn't need to include that on my tax return as they've been deducting tax for that).

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