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Tax return: which year should bank account interest be declared in?
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bitsandpieces
Posts: 1,736 Forumite
in Cutting tax
Got my tax return for the 09-10 year pretty much done 
One small thing I wasn't sure about. I opened a bank account part way through this year. No interest was credited to the account in this year (paid annually, so came in the current year) and the bank suggested that I should declare this interest in the year it was paid in. Is this correct?
One small thing I wasn't sure about. I opened a bank account part way through this year. No interest was credited to the account in this year (paid annually, so came in the current year) and the bank suggested that I should declare this interest in the year it was paid in. Is this correct? 0
Comments
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What they mean is if you rcvd it in 2010/11, it should be declared in next year's rtn (ie 2010/11). Simples.Value-for-money-for-me-puhleeze!
"No man is worth, crawling on the earth"- adapted from Bob Crewe and Bob Gaudio
Hope is not a strategy...A child is for life, not just 18 years....Don't get me started on the NHS, because you won't win...I love chaz-ing!0 -
bitsandpieces wrote: »Is this correct?
Quite correct. Interest is taxable when paid ...... not when accrued.If you want to test the depth of the water .........don't use both feet !0 -
It is indeed..bitsandpieces wrote: »Is this correct?
Just thought I'd join the 'get your count up reinforcing posts that have already been answered' brigade....0
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