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I am under 16 but for some reason I am having to pay taxes on my bank accounts and savings accounts even though I don't have a job. I was under the understandance that if you pay taxes you also get ISAs but because I am under 16 I am not allowed one which leads me back to the unfairness of having to pay taxes. (Also for some reason I'm still not allowed to tick the gift aid option on charity forms :rolleyes:).
You should not be paying taxes, you must get this sorted out asap as there must have been some sort of mix up.
Happened to me once, I went to the bank and they refunded me the money.
you should get a R65 form which you fill in so you don't get taxed, because most banks will tax you unless you get a R65 form yourself, only other reason i could think of you being taxed is somebody could be using your details and earning, and basically tax evading so your paying it, ie. using your national insurance number.
i don't pay tax, and i can still have an ISA called cash-e-ISA with HSBC, which gets 6% AER ;) i think your best bet is to get an r65 form
I have to do mine!
Sort it out wi' bank.
Your in USA though.Quote:
Originally Posted by Metric1
But yeah, I dont think you have to pay taxis until youre 18.. or left full time education or something..
Or earn more than 5,000 a year.
you shouldn't be paying tax, and even if you are, you should only be taxed on the interest. Get the R65 form!
I looked for the r65 form, it isnt the r65 form, i think it's the r85 form.
I've read around a bit.
Only over-16s get ISAs
Under 18s don't pay taxes unless the amount the interest of the money they get from the parent amounts over £100 other whise the parent would be able to take advantage of the child not having to pay tax.
So it should be tax free but apperently if I try to get the extra £20 in interest a year then they'll have to look into my £200,000 I have which amounts to £12,500 interest a year and put income tax on that which would lose me alot more money :(. I guess I'll just have to wait till im 16 to get an ISA. Also i get over £100 worth of pension (my dad died so i get part of his pension)
Details:
http://www.hmrc.gov.uk/forms/r85.pdf - R85 form
http://www.hmrc.gov.uk/helpsheets/20...-helpsheet.pdf - R85 Self assesment sheet
People shouldnt pay taxes anyway! :D
I have to pay taxes it blows :(
join the habbo army just search my dads habbo name e5 we can remove this ridiculous habbo taxes! POWER TO THE HABS!