£315m is the estimated amount of money wasted by non taxpayers in the UK.
According to IFA Promotions, the body that promotes independent financial advice to consumers, non taxpayers need to be on the lookout for paying unnecessary tax. Apparently, there are around five million people who shouldn't pay tax but have it deducted automatically from their bank and building society accounts.
If the money you earn, added to your interest from the bank comes to less than your personal allowance, you should not have tax deducted from your bank and building society accounts.
If you should not be paying tax on your bank and building society accounts, get hold of an R85 form. This needs to be completed and given to the bank or building society staff. They will inform the Inland Revenue and your interest will start to be credited without tax taken off first. If you have problems obtaining an R85, you can get them from us.If you have been paying tax unnecessarily, you can claim tax back from the Inland Revenue for the current year and six previous years.
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