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bigduckontax
bigduckontax, Accountant
Category: Tax
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Sirs Together with my wife we opened a 1year fixed rate

Customer Question

Sirs
Together with my wife we opened a 1year fixed rate savings account with a cheque for £18,200.00 with a UK Building Society and as we manage with little more than our state pensions we included two completed R85 tax exemption forms. As it was nearing maturity I checked online and found they were taxing our savings so I immediately rang their office to be told they had not received the forms so there was nothing they could do.
Is there anything we can do to claim the money back from the taxman, possibly as little as £200?
Kind regards
Barbara & Peter
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello Barbara and Peter, I'm Keith and happy to help you with your question. What an example of typical Building Society (BS) incompetence; resubmit the R85s to get future interest payments gross and send it to the BS Head Office.
However, all is not lost. Write to your tax office and explain what has happened. They may ask you to self assess, but if sums involved are low they may not and refund tax immediately.
You can download a R85 here:
http://www.hmrc.gov.uk/forms/r85.pdf
I do hope I have shown you the way forward in this matter.
bigduckontax and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

Hi Keith

Out of sheer anger and frustration at their stupidity we closed the account and reinvested elsewhere, at a slightly better rate actually, so I guess we broke the rules of a 1 year bond and shot ourselves in the foot.

We thank you for your time and advice but perhaps will put the matter down to experience.

Regards

Barbara & Peter

Expert:  bigduckontax replied 2 years ago.

Very sensible to switch; as a matter of course I detest banks and building societies. I have in my life changed main banks three times from Natwest (I actually started with the Westminster bank) who were incompetent, to Midland who were good, became sloppy, but picked up once the Honks and Shankers took over, but then they went downhill so I switched again to RBS. In my local branch and in the one in the next town I am addressed by name, which is nice.

Thank you for your support.

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