double10 Posted October 28, 2013 Report Share Posted October 28, 2013 Just found out that since my savings account was instigated when I was 4, I have been taxed every month! This is understandable as it is a tax on the income I receive via interest, however the bad part is that rather than just not taxing children, the government has set it up that the parent/guardian must go to the bank and ask for a form from the hmrc to notify them to stop taxing. Turns out it's very easy to avoid doing this when the parent/guardian doesn't realise that the government will tax children unless notified not to do so! And as it is only now at the age of fourteen that having managed to gain access to a statement that I have discovered this taxing. (wouldn't it also be illegal considering I would only become eligible to be taxed upon earning £9,440 odd annually?) at least there is some respite in the fact that I can send in a form to get all the money back. anyone else been caught out by this? Quote Link to comment Share on other sites More sharing options...
Sussexboy Posted October 28, 2013 Report Share Posted October 28, 2013 No, when I opened accounts for my kids the bank gave me forms to sign there and then. Quote Link to comment Share on other sites More sharing options...
jasper3 Posted October 28, 2013 Report Share Posted October 28, 2013 so why are you livid, look at that lovely Tax rebate you will get , when i was 14, i would have been lucky to have had a bank account, in fact, i would have been lucky if i had any money at all , apart from my paper round and car cleaning money your a very lucky lad to have such nice parents . Quote Link to comment Share on other sites More sharing options...
Sprinter Posted October 28, 2013 Report Share Posted October 28, 2013 When you get your money back you could invest in a new door to kick to ease your frustration? Quote Link to comment Share on other sites More sharing options...
Gunnerbob Posted October 28, 2013 Report Share Posted October 28, 2013 When you get your money back you could invest in a new door to kick to ease your frustration? This will be around in 30 years time.......but that's another thread.... Quote Link to comment Share on other sites More sharing options...
double10 Posted October 28, 2013 Author Report Share Posted October 28, 2013 so why are you livid, look at that lovely Tax rebate you will get , when i was 14, i would have been lucky to have had a bank account, in fact, i would have been lucky if i had any money at all , apart from my paper round and car cleaning money your a very lucky lad to have such nice parents . my parents didn't give me a penny! I worked for the money I have, be it selling cakes to neighbours when I was 6 or working for my father doing manual labour now. Tax rebate won't be enough to invest, apart from penny shares of course! Quote Link to comment Share on other sites More sharing options...
NitroJoe Posted October 28, 2013 Report Share Posted October 28, 2013 I wish I could get back all the tax I've paid on my savings. I could probably buy a couple tins of pellets with the rebate.. Quote Link to comment Share on other sites More sharing options...
jasper3 Posted October 28, 2013 Report Share Posted October 28, 2013 my parents didn't give me a penny! I worked for the money I have, be it selling cakes to neighbours when I was 6 or working for my father doing manual labour now. Tax rebate won't be enough to invest, apart from penny shares of course! Sorry , i thought when they opened the account when you where 4 they may of gave you some money, working from 6 isn't to bad, its good to know your parents didn't spoil you, i think all young men should show the same amount of ambition as you have, good luck with your tax rebate . Maybe you could invest the money into your own business Quote Link to comment Share on other sites More sharing options...
Paddy Galore! Posted October 28, 2013 Report Share Posted October 28, 2013 Sorry , i thought when they opened the account when you where 4 they may of gave you some money, working from 6 isn't to bad, its good to know your parents didn't spoil you, i think all young men should show the same amount of ambition as you have, good luck with your tax rebate . Maybe you could invest the money into your own business like selling cakes! you could call yourself "cake boy" Quote Link to comment Share on other sites More sharing options...
bullet1747 Posted October 28, 2013 Report Share Posted October 28, 2013 Wot work did you do at the age of 4 Quote Link to comment Share on other sites More sharing options...
jasper3 Posted October 28, 2013 Report Share Posted October 28, 2013 or base it on a modern theme, cake of the Livid bread Quote Link to comment Share on other sites More sharing options...
Paddy Galore! Posted October 28, 2013 Report Share Posted October 28, 2013 (edited) or base it on a modern theme, cake of the Livid bread awesome! Wot work did you do at the age of 4 odd jobs around the house? Edited October 28, 2013 by Paddy Galore! Quote Link to comment Share on other sites More sharing options...
double10 Posted October 29, 2013 Author Report Share Posted October 29, 2013 exactly that, I've had green fingers since I could remember so got paid to do gardening/trimming etc. When I was about 5 I set up a table on the beach, using pieces of leather and interestingly shaped rocks made necklaces and sold them on the beach. Quote Link to comment Share on other sites More sharing options...
Lord O War Posted October 29, 2013 Report Share Posted October 29, 2013 Bank and interest? I'm sorry but I don't follow, you pay the bank interest to hold your money, is that correct? That is the only thing I can think of because my account is always in credit and I get F all from them. Quote Link to comment Share on other sites More sharing options...
fl206 Posted October 29, 2013 Report Share Posted October 29, 2013 at least there is some respite in the fact that I can send in a form to get all the money back. According to http://www.hmrc.gov.uk/incometax/tax-free-interest.htm you can only claim back to the 2009-2010 tax year :( Quote Link to comment Share on other sites More sharing options...
double10 Posted October 30, 2013 Author Report Share Posted October 30, 2013 (edited) According to http://www.hmrc.gov.uk/incometax/tax-free-interest.htm you can only claim back to the 2009-2010 tax year :( ****cakes, thanks for letting me know! Edited October 30, 2013 by double10 Quote Link to comment Share on other sites More sharing options...
old rooster Posted October 31, 2013 Report Share Posted October 31, 2013 If it was an interest earning savings account the OP will also have lost ongoing compounded interest due to the tax being deducted along the way. The account would have been running before the financial crash so interest rates would not have been at the low levels we see today. I had the same problem with my late Mums interest earning savings account and had a heck of a job to get them to stop doing it. Quote Link to comment Share on other sites More sharing options...
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