On the Tax Return you need to list all income received from savings intereset. How do you go about calculating this , i.e do you calculate it manually on all bank accounts or do you request "Certificate of "Interest" " from the bank ?
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Calculating interest income for tax return.
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Are you getting paid net or gross?
Unless you've asked for it I guess the bank will be deducting tax at source. -
Originally posted by Likely View PostOn the Tax Return you need to list all income received from savings intereset. How do you go about calculating this , i.e do you calculate it manually on all bank accounts or do you request "Certificate of "Interest" " from the bank ?Comment
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I usually add up the lines on the statement labelled "Interest"...
Of course, this is already taxed at source: never really understood if HMRC try to reconcile SA to those statements.Blog? What blog...?Comment
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Originally posted by malvolio View PostI usually add up the lines on the statement labelled "Interest"...
Of course, this is already taxed at source: never really understood if HMRC try to reconcile SA to those statements.Comment
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What kind of tax the bank is deducting to get the Net Interest that they pay you ? I mean banks seem to be deducting some flat % from the Gross Interest no matter your earnings ?!?! If that is true, then prolly Net Interest is treated as income and taxed individually at tax return. The banks cannot know if you are high rate earner.Comment
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The bank will usually advise the total amount of interest paid during the year, either by sending out a certificate or as a note of the statement issued follwing 5th AprilComment
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Originally posted by Likely View PostWhat kind of tax the bank is deducting to get the Net Interest that they pay you ? I mean banks seem to be deducting some flat % from the Gross Interest no matter your earnings ?!?! If that is true, then prolly Net Interest is treated as income and taxed individually at tax return. The banks cannot know if you are high rate earner.Comment
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If you don't have info as stated above you could always estimate based on interest rates, think there is a box for mentioning estimated figures.bloggoth
If everything isn't black and white, I say, 'Why the hell not?'
John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson)Comment
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Originally posted by xoggoth View PostIf you don't have info as stated above you could always estimate based on interest rates, think there is a box for mentioning estimated figures.Comment
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