Tax return

[kellycell]

Hello,

I am doing my tax return so my accountant can complete for me, and I have trouble completing the section where I have to put the Bank/Building Society interest received net of tax section.

How can I get this information, and how will I know if it's inc or exc tax?
Do the various banks give this information over the phone?

Many thanks

[centurian]

I am doing my tax return so my accountant can complete for me, and I have trouble completing the section where I have to put the Bank/Building Society interest received net of tax section.

How can I get this information, and how will I know if it's inc or exc tax?
Do the various banks give this information over the phone?

Have you actually tried asking the Bank/BS

They might give it over the phone, but they should send you a statement of interest earned including net/gross values, which is what you need anyway in case of an enquiry.

[xoggoth]

They often send you a tax voucher. Otherwise, don't you get statements or have online access of some kind? Bit wierd to have accounts and know nowt about what's going on in them.

If all else fails you could make estimates and put a note to that effect in the return. Unless amount is sigbnificant that would probably do.

[kellycell]

I do have online access however, it does not offer the option of showing statements for over a year.

Thanks, I will contact the banks and hopefully they can give me the info I need.

[deckster]

A 'Certificate of tax deduction' is what you're after, and the bank will know exactly what it is.

[kellycell]

A 'Certificate of tax deduction' is what you're after, and the bank will know exactly what it is.

Hello, hmm will that show the interest earned though?

[kaiser78]

Hello, hmm will that show the interest earned though?

Yes, it will.
Ring them and ask them.

[TroubleAtMill]

If it's a UK bank account, and unless you've filled in an R85 form, then the interest will be net of tax. That is, 20% tax would have been automatically applied.

So, if your statements say you've received interest of £100, then the gross interest was £100 / 80 * 100 = £125.

Note that you should not include any interest earned in an ISA.

Linky.