New Posts For Thread: gross rate or net ?https://community.betfair.com/general_betting/go/thread/view/94082/29790481/gross-rate-or-netbeen saving in various fixed rate bonds for a number of years and have always received the net rate.i keep being told by various financial advisers that because i gamble for a living and dont pay income tax i should probably be getting thegross rateYes, you need to fill in the form for each new bank, but at least the form is pretty simple. And you only have to give the form to your bank, so you don't have to deal with HMRC and all its bureaucracy and slowness.Trevh, if you're filling in a tax rhttps://community.betfair.com/general_betting/go/thread/view/94082/29790481/gross-rate-or-net?post_id=529478011#529478011Yes, you need to fill in the form for each new bank, but at least the form is pretty simple. And you only have to give the form to your bank, so you don't have to deal with HMRC and all its bureaucracy and slowness.Trevh, if you're filling in a tax rSat, 02 Mar 2013 06:36:06 -0600I fill in a tax return every year and claim back all tax paid on savings interest. I don't really get why it's a problem?https://community.betfair.com/general_betting/go/thread/view/94082/29790481/gross-rate-or-net?post_id=529470865#529470865I fill in a tax return every year and claim back all tax paid on savings interest. I don't really get why it's a problem?Fri, 01 Mar 2013 19:50:53 -0600cheers mr magoo. do you need to fill the r85 form everytime you go to a different bank to invest each year?surely fillig out form will still lead to i revenue possibly digging around into yr finances though?https://community.betfair.com/general_betting/go/thread/view/94082/29790481/gross-rate-or-net?post_id=529464987#529464987cheers mr magoo. do you need to fill the r85 form everytime you go to a different bank to invest each year?surely fillig out form will still lead to i revenue possibly digging around into yr finances though?Fri, 01 Mar 2013 15:34:22 -0600Reclaiming the tax is tricky, but registering your savings accounts to be tax-free is much easier:http://www.hmrc.gov.uk/calcs/r85/index.htmIf your only income is through gambling, the first £155/week interest from savings is tax free (and you'd neehttps://community.betfair.com/general_betting/go/thread/view/94082/29790481/gross-rate-or-net?post_id=529461893#529461893Reclaiming the tax is tricky, but registering your savings accounts to be tax-free is much easier:http://www.hmrc.gov.uk/calcs/r85/index.htmIf your only income is through gambling, the first £155/week interest from savings is tax free (and you'd neeFri, 01 Mar 2013 14:07:28 -0600I filled in the form because I had an account that only paid net and it was about £800's worth that I reclaimed. But elise is right, might be wise to wait until the last moment to claim to avoid them sniffing around. I'm surprised they haven't comehttps://community.betfair.com/general_betting/go/thread/view/94082/29790481/gross-rate-or-net?post_id=529438277#529438277I filled in the form because I had an account that only paid net and it was about £800's worth that I reclaimed. But elise is right, might be wise to wait until the last moment to claim to avoid them sniffing around. I'm surprised they haven't comeThu, 28 Feb 2013 16:58:46 -0600he didn't i knew, he just keeps telling me and i keep saying nohttps://community.betfair.com/general_betting/go/thread/view/94082/29790481/gross-rate-or-net?post_id=529429109#529429109he didn't i knew, he just keeps telling me and i keep saying noThu, 28 Feb 2013 12:00:15 -0600y did a financial adviser have to highlight that for you...https://community.betfair.com/general_betting/go/thread/view/94082/29790481/gross-rate-or-net?post_id=529428291#529428291y did a financial adviser have to highlight that for you...Thu, 28 Feb 2013 11:28:36 -0600not saying they "will" investigate saying that for me i didn't need the investifgation and do not want to draw attention by claimingmy premier account manager told me to claim, i decided not tohttps://community.betfair.com/general_betting/go/thread/view/94082/29790481/gross-rate-or-net?post_id=529423613#529423613not saying they "will" investigate saying that for me i didn't need the investifgation and do not want to draw attention by claimingmy premier account manager told me to claim, i decided not toThu, 28 Feb 2013 08:25:34 -0600cheers don, did you just fill in the form then because according to elise in his post, it will make them possiblyinvestigate all yr earnings and check to see if its all above board etc.https://community.betfair.com/general_betting/go/thread/view/94082/29790481/gross-rate-or-net?post_id=529423523#529423523cheers don, did you just fill in the form then because according to elise in his post, it will make them possiblyinvestigate all yr earnings and check to see if its all above board etc.Thu, 28 Feb 2013 08:21:39 -0600had* even. Usually you can select gross and you just have to put in your national insurance number, sometimes you have to fill out and form and sometimes they only pay out a net rate so you're forced to claimhttps://community.betfair.com/general_betting/go/thread/view/94082/29790481/gross-rate-or-net?post_id=529422957#529422957had* even. Usually you can select gross and you just have to put in your national insurance number, sometimes you have to fill out and form and sometimes they only pay out a net rate so you're forced to claimThu, 28 Feb 2013 08:01:10 -0600