tax on joint Savings account

vixen1500

Could some one please help

Joint Account one tax payer and one non-tax payer

Tax deduction certificate shows

gross interest
Tax deducted
interest received

Do I as the non-tax payer just enter half of the final interest received figure on my tax return?

Thanks in Advance

LittleVoice

vixen1500 wrote: »

Could some one please help

Joint Account one tax payer and one non-tax payer

Tax deduction certificate shows

gross interest
Tax deducted
interest received

Do I as the non-tax payer just enter half of the final interest received figure on my tax return?

Thanks in Advance

Unless you had told the company that you owned the funds in a different proportion, yes, half of the interest is yours.

jennifernil

For the future, even on joint accounts, most banks will accept an R85 from you and pay your half of the interest gross.

vixen1500

LittleVoice wrote: »

Unless you had told the company that you owned the funds in a different proportion, yes, half of the interest is yours.

It's just that I thought as I was not paying tax then my share of the interest should actually be more as OH has his taxed. But not sure how you work out the figures.

vixen1500

jennifernil wrote: »

For the future, even on joint accounts, most banks will accept an R85 from you and pay your half of the interest gross.

Thanks -
Yes, I have completed R85 on all accounts - but just dont know how to work out the figures fo rmy tax return

ceeforcat

Let's say that the total interest received on the account was £90. This equates to £100 with tax of £10 being taken off, assuming that your half is paid gross (without tax deducted)

On your return you enter Net£50, tax deducted £0, Gross £50
On your husband's it is Net £40, tax deducted £10, Gross £50.

If you are still not sure, post your figures up.

Macca83_2

Just divide the gross interest figure by 2. That's your share. Put that figure as your gross interest and tax paid as £0