Working out gross interest on savings??

soba

I need to fill out a form for the tax man. I need to enter the gross interest on my savings, but only have the net amount infomation. Would I be right in thinking that I multiply this figure by 4 and divide by 5? I'm a basic rate taxpayer. Thanks.

Lokolo

* 1.25 is how I do it...

But divide by 4, * 5 will work.

You want to go from 80% -> 100%. 80 /4 = 20, *5 = 100

soba

Oops!! I got it the wrong way round then - so it's divide by 4 then multiply by 5?

Lokolo

soba wrote: »

Oops!! I got it the wrong way round then - so it's divide by 4 then multiply by 5?

Yep. :cool:

trynsave

Not that I can really remember that far back, as I have been a non-tax payer for a decade now, but aren't the banks supposed to provide a Certificate of Interest for all a/c's on which interest was received?

They used to be produced automatically at the end of the tax year and detailed gross and net amts for tax return use.

Lokolo

Yep goodness knows I have so much paperwork I can't remember. Although I do remember I get one from Lloyds every year.

ShelleyC_2

trynsave wrote: »

Not that I can really remember that far back, as I have been a non-tax payer for a decade now, but aren't the banks supposed to provide a Certificate of Interest for all a/c's on which interest was received?

They used to be produced automatically at the end of the tax year and detailed gross and net amts for tax return use.

Yup they do - strangely though one of my internet bank accounts has in its info " we will be unable to supply this until August" so I worked that one out myself!

soba

trynsave wrote: »

aren't the banks supposed to provide a Certificate of Interest for all a/c's on which interest was received?

I did get a certificate, but due to my rather chaotic filing system it's been mislaid. I worked out the net interest from my bank statements.