How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask TonyTax Your Own Question

TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15841
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

I am needing a tax form R82 or R85. As some tax has been

Resolved Question:

I am needing a tax form R82 or R85. As some tax has been deducted from my reward current account. I do not pay tax.
Submitted: 10 months ago.
Category: Tax
Expert:  TonyTax replied 10 months ago.

Hi.

The form R85 is here. However, from 6 April 2016, your interest should be paid gross as you can read here.

I hope this helps but let me know if you have any further questions.

Customer: replied 10 months ago.
Where is my form I cannot access it?
Expert:  TonyTax replied 10 months ago.

Click here:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/368534/r85.pdf

It was in the previous post behind the word here.

Customer: replied 10 months ago.
There is no form behind the 'here' only reports and information.
Expert:  TonyTax replied 10 months ago.

The form R85 is at the following internet address:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/368534/r85.pdf

I've just clicked on the link in my previous post and it works.

Expert:  TonyTax replied 10 months ago.

With effect from 6 April 2016, interest is paid without deduction of tax by the bank so you should not need the form.

Customer: replied 10 months ago.
yet I have the letter here before me saying the bank has deducted £15 on my reward current account.
Expert:  TonyTax replied 10 months ago.

When was the interest paid?

Customer: replied 10 months ago.
On the 3rd of May for the year 6th of April 2015 to the 5th April 2016
Expert:  TonyTax replied 10 months ago.

OK. That is the interest for the tax year ended 5 April 2016. Interest is paid without deduction of tax with effect from 6 April 2016, ie for the 2016/17 tax year, not the 2015/16 tax year.

Customer: replied 10 months ago.
The £5 is paid out on every month as a reward if I have over £1,000 paid into my account each month. The tax was deducted on the £75 gross paid for last year and tax deducted of £15 paid on that.
Expert:  TonyTax replied 10 months ago.

You got £5 net of tax for 12 months, £60 net, £75 gross with £15 tax deducted. That was for the 2015/16 tax year when tax was still deducted at source. The deduction of tax at source stopped on 6 April 2016 so any interest paid to you after 5 April 2016 will not have tax deducted at source so you don't need the R85.

To reclaim the tax deducted in 2015/16, complete a form R40 and send it to the tax office:

https://www.gov.uk/government/publications/income-tax-claim-for-repayment-of-tax-deducted-from-savings-and-investments-r40

Customer: replied 10 months ago.
Where do I get this form? Ok I am very pleased that this matter has been resolved. Em so far I will get the form filled out asap once I get it downloaded. Thank you once again
Expert:  TonyTax replied 10 months ago.

You get the form by clicking on the link in my previous post but here it is again:

https://www.gov.uk/government/publications/income-tax-claim-for-repayment-of-tax-deducted-from-savings-and-investments-r40

Would you mind rating my answer before you leave the site please?

TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15841
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
TonyTax and 2 other Tax Specialists are ready to help you
Expert:  TonyTax replied 9 months ago.

Hi again.

I found this article dated 18 May 2016. It suggests that fixed sum "reward" payments made by deposit takers will continue to have tax deduced at source whereas "interest" will be paid gross with effect from 6 April 2016.

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
< Previous | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
 
 
 

Meet The Experts:

 
 
 
  • Sam

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
< Previous | Next >
  • http://ww2.justanswer.com/uploads/TA/Tax Expert/2013-8-21_231010_sam.64x64.jpg Sam's Avatar

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
  • http://ww2.justanswer.com/uploads/BI/bigduckontax/2013-8-12_222058_1.64x64.jpg bigduckontax's Avatar

    bigduckontax

    Accountant

    Satisfied Customers:

    2333
    FCCA FCMA CGMA ACIS
  • http://ww2.justanswer.com/uploads/TA/TaxRobin/2013-8-28_16186_femalebusinessprofessionalbinderhand11038485.64x64.jpg TaxRobin's Avatar

    TaxRobin

    Tax Consultant

    Satisfied Customers:

    524
    International tax
  • /img/opt/shirt.png taxadvisor.uk's Avatar

    taxadvisor.uk

    Chartered Certified Accountant

    Satisfied Customers:

    2845
    FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
 
 
 

Related Tax Questions