Rogue 2pence issue
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caper7
Posts: 153 Forumite
Okay, very small problem over very small amount, but any advice appreciated.
I had a 1year fixed rate savings a/c with Ing.
On opening the a/c with a lump sum I was told at the start what the maturity value would be, this was later confirmed in writting.
On maturity they gave me 2 pence less than they should have.
I complained, they investigated, apologised and gave me my 2p plus £5 to apologise/cover cost of phone calls etc..
However, the tax certificate issued has the net interest originaly given (without the2p), I've asked for a new one and they just sent a letter confirming the total interest (including the 2p).
My question is what do I put in my tax return (actually an R40)?
Do I ignore the 2p and put what's on the tax cert?
It has been suggested that I could add the 2p to the untaxed income box, however it occurs to me that the 2p was part of the expected net interest, am now very confused all over 2p!
Any ideas?
Oh, and just to check, their £5 apology money is not income and doesn't need to be declared, I am correct in that aren't I?
Many thanks.
I had a 1year fixed rate savings a/c with Ing.
On opening the a/c with a lump sum I was told at the start what the maturity value would be, this was later confirmed in writting.
On maturity they gave me 2 pence less than they should have.
I complained, they investigated, apologised and gave me my 2p plus £5 to apologise/cover cost of phone calls etc..
However, the tax certificate issued has the net interest originaly given (without the2p), I've asked for a new one and they just sent a letter confirming the total interest (including the 2p).
My question is what do I put in my tax return (actually an R40)?
Do I ignore the 2p and put what's on the tax cert?
It has been suggested that I could add the 2p to the untaxed income box, however it occurs to me that the 2p was part of the expected net interest, am now very confused all over 2p!
Any ideas?
Oh, and just to check, their £5 apology money is not income and doesn't need to be declared, I am correct in that aren't I?
Many thanks.
0
Comments
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Just put what's on the tax certificate.
If HMRC pursue you for the underpayment of somewhere between 0.4p and 1.0p send them a copy of this thread and blame me for it.
I'd suggest that none of the £5.02 is taxable.0 -
You don't fill in the pence on a tax return - you round up tax paid the the nearest pound, and round down income to the nearest pound. Like it says in the instructions on how to fill in the form.
So you haven't got a problem.0 -
Don't you round interest down anyway? So it becomes academic. The taxman isn't going to care about £1 let alone 2p0
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This has got to be a wind up surely.
Are there really people out there who kick up a fuss over 2p?0 -
On the last R40 (tax repayment form) I did in 07/08 there are spaces for pence, I don't think we are told to round up or down unlike in the regular SA100 tax return, unfortunately...0
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I am not trying to kick up a fuss, I just like things to be accurate and am genuinely not sure how pedantic HMRC are, though I highly doubt I would get into serious trouble over 2p.
Am a newbie you know! ;-)0 -
and someone with lots of spare time.0
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"Oldtoolie" and clearly so are you...0
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...
My question is what do I put in my tax return (actually an R40)?
Do I ignore the 2p and put what's on the tax cert?
Yup. HMRC don't take any notice of the pence anyway....
Oh, and just to check, their £5 apology money is not income and doesn't need to be declared, I am correct in that aren't I?
Yup. That's a freebie.0
This discussion has been closed.
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