Taxing savings on Self Assessment

Mikeyorks

susan2010 wrote: »

Thanks Mikeyork

1) Does that mean the figure on the statement is the net figure. and I use that in the SA?

2) and do you know if they will tax me on the interest gained?

1) It will be if it doesn't say 'gross' and you haven't filed an R85.

2) If you've been paid net then 20% tax has been paid. You only pay extra if you're a 40% taxpayer (above £43875 this year)

susan2010

Ok, I'll go through a frenzy and dig out all my statements

1. Understood. Thanks

2. Does that mean £43875 salary & income?

Mikeyorks

susan2010 wrote: »

2. Does that mean £43875 salary & income?

Yes. It's your £6475 personal allowance + the £37400 threshold of the basic 20% rate band.

susan2010

ok, i just put the net interest figure in the worksheet and let it calculate whatever.

This is sooooo complicated, I'm inclined to stop renting and move in!!

Will dig out all my statements tomorrow, and complete tomorrow. WARNING WARNING.....PANIC ATTACK DUE TOMORROW. lol. :-)

Thanks again.

Mikeyorks

susan2010 wrote: »

ok, i just put the net interest figure in the worksheet and let it calculate whatever.

.

That should be how it works. I don't think you chose this thread by accident? But you shouldn't hit the same problem unless you're eligible for the age related personal allowance.

And ........... it helps if you give yourself a bit of time !!!! Perhaps next year? (can't insert smiley ... as I edited)

susan2010

I googled SA and tax and that's how I stumbled across this thread, as it came up in the search engine results.

My head hurts, so off to bed now, will try and figure it out tomorrow evening now. Ta