savings under £5.00

wheelz

I have a question about filling in my tax return. My interest was £3.00 before tax and £2.00 after tax. Would you fill this small amount in? Am I right in thinking that "amounts that have not been taxed" is the same as "interest before tax" on my statement from the bank?

polymaff

wheelz wrote: »

I have a question about filling in my tax return. My interest was £3.00 before tax and £2.00 after tax. Would you fill this small amount in? Am I right in thinking that "amounts that have not been taxed" is the same as "interest before tax" on my statement from the bank?

Why not quote the actual facts and figures involved ?

agrinnall

wheelz wrote: »

Am I right in thinking that "amounts that have not been taxed" is the same as "interest before tax" on my statement from the bank?

No, not at all. This refers to interest that is paid gross to you, which is generally only the case if you have requested interest to be paid gross because you did not expect any tax to be due, or if it's interest from one of the few accounts that do not withhold tax at source (I believe some NS&I accounts do this, and there may be a few other providers, but most won't).

wheelz

Thanks Agrinall that helps, I have to have another look. Most of my money is in ISAs and the amounts I quoted are the actual amounts of interest that I got for the tax year. The online form rounds amounts up. It seems not worth it to declare so little.