Ipswich Financial Adviser

If you are a non tax payer or have a partner that is a non tax payer then it is important that you do not pay tax unnecessarily.

An easy way that people get caught out is on their bank accounts. Any interest that is earned is automatically taxed at the basic tax rate (20%). A non tax payer then has to claim this back. Often this does not happen and the tax has been paid when it shouldn’t have been.

An easy way around this is register an HRMC form – R85. Your bank or building society will be happy to give you this form. Complete it and hand it back to the bank or building society and they will lodge this on your behalf. Importantly, the bank will then automatically pay your interest WITHOUT deducting tax. This means you don’t have to waste time re-claim tax that is rightfully yours.

If you require any help or advice with your savings or investments then please feel free to contact Thompson Financial Consulting we will be happy to help.