tax deduction certificate

pksaraf

if i close my savings account mid financial year, do i have to wait till the end of that fin. year before i can request a tax deduction certificate from the provider? if yes, then how do we go about it, as the account is already closed, especially in case of online accounts where we are supposed to use the online messaging system to request the certificates which obviously wont be available at the end of the year if the account was closed earlier.

loobs40

I closed two accounts with A&L last September and they sent me the tax deduction certificates a couple of weeks ago to coincide with the end of the tax year.

pksaraf

loobs40, did you request one from them or did they automatically sent one out?

mary

I've just been ringing round about 15 different accounts to get such certificates. Some send them out automatically, some don't. It seems to be random. Safest to ring everyone and set the ball rolling. Am also just closing a REgular Saver this month and upon maturity am requesting a Certificate of Tax deduction from them at the same time and see what happens.

edda

mary wrote: »

I've just been ringing round about 15 different accounts to get such certificates. Some send them out automatically, some don't. It seems to be random. Safest to ring everyone and set the ball rolling. Am also just closing a REgular Saver this month and upon maturity am requesting a Certificate of Tax deduction from them at the same time and see what happens.

Totally agree with Mary.

Everyone has their own system - sometimes which changes from year to year.

I always ask for my certificate if I close in mid-tax year. If they say I have to wait until after end of tax year, I ask for their name and make a note of the date. I'm then armed and ready if it doesn't arrive.

For online accounts, if I can't find a button to ask for the certificate, I send an email.

HTH

pksaraf

thanks for all the replies. do you also ask for certificates for those accounts where no interest has been paid during a year? are we supposed to get these £0 interest certificates for inland revenue?
thanks..

steady__eddie

I've just received a 352 cert i.r.o. a bond which I opened last November and the interest won't be paid until this comimg November, nevertheless it states,and I quote, "Gross Interest : XXXXXX Income tax deducted : XXXXXX Net amount paid or credited : XXXXXX"
I didn't request it and at first sight thought, "What a waste of paper and postage". I will however do as it says and keep it in a safe place as I don't want to have to pay for a replacement !

baby_boomer

It would be so simple to send out a tax deduction certificate with the annual statement as many institutions already do.

It's green, efficient and helpful to the customer.

Why so many don't is beyond me.

pksaraf wrote:

are we supposed to get these £0 interest certificates for inland revenue?

Even Gordon should excuse you that piece of unnecessary bureaucracy.

edda

pksaraf wrote: »

thanks for all the replies. do you also ask for certificates for those accounts where no interest has been paid during a year? are we supposed to get these £0 interest certificates for inland revenue?
thanks..

No - I don't bother and don't imagine the IR would need these.

The certificates are to prove you have paid tax already - and there's no tax on £0 (but I bet Gordon is working on this one!)