Self Assesment Tax on Bank Interest Again

jamesblue

Just done my self employeed self assesment online and put on the figures and seen the break down and seen that I am getting taxed another 20% on the personal Bank Interest, so virtually paying 40%.

Why as an none self employeed person you only pay 20% (bank takes off) on tax, but as self employeed you have to pay another 20%, seem a bit unfair?


Thanks

antrobus

Are you sure you've put your interest figure in the correct box? There's a box for untaxed interest, and there's a box for taxed interest.

jamesblue

Yeah put it in the correct box, and it is me that got confused with the final statement page about tax due, about 1 third down they put on tax paid on interest, then i see on the second to last they then mark it as the same amount "minus Tax deducted
Interest received from UK banks and building societies" Why not just not show it, it would save confusion.


Thanks for your reply