Claiming interest tax back based on bank statements

Ashen

Hi,

As I earnt only approx £14000 on my P60 this year, I believe I'm entitled to claim tax on some/all of my savings interest back.

As I don't have annual statements yet from a couple of my bank accounts, is there any potential problem if I just total up all the figures from monthly bank statements and work out any gross figures by hand?

Also, I have closed a couple of bank accounts in the past year, so if I somehow missed off some interest I'd earnt, would there be any problem? Given that I wouldn't then be claiming a tax refund for that interest, I wouldn't be benefiting, rather the opposite.

Thanks for any help

McKneff

I beleive that the tax allowance was 10,600 you could only claim any tax back if you earned less than that and paid tax

chrisbur

As I understand it there was a £5000 band of savings interest that was 0% taxable last year. However this is only fully available if your non-savings interest is below your tax allowance. If it is above as in this case and assuming the normal allowance of 10600 with income of 14000 you would be 4400 over the figure to get the full allowance so leaving a 600 allowance for the 0% band.


Figures will be a bit different for the OP as they said "approx £14000"

Ashen

Yes, the £5000 band of savings interest being 0% taxable is how I understand it.

Although I'd calculate the maximum allowance I could claim tax back on as up to £1600 - i.e. the difference between my £14000 income and £15600 (£10600 + the £5000 savings allowance). In practice, it won't make much difference for me as don't have that much I can claim back on.

jimmo

Wow, never known chrisbur to make an arith error before (14000-10600=3400).
As long as you can do the sums correctly there should be no problem with submitting your claim now. HMRC don’t require you to submit tax certificates with your claim but they do expect you to have them available if they raise an enquiry. As long as you get them fairly soon that should be OK.

chrisbur

I can only assume that it is my age catching up with me; got my first Old Age Pension this month.

jimmo

Congratulations, I think. Mine was 3 years ago but I only realised I was old when the car had a flat tyre and a local youff offered to change the wheel for me.

polymaff

Ashen wrote: »

Yes, the £5000 band of savings interest being 0% taxable is how I understand it.

Although I'd calculate the maximum allowance I could claim tax back on as up to £1600 - i.e. the difference between my £14000 income and £15600 (£10600 + the £5000 savings allowance). In practice, it won't make much difference for me as don't have that much I can claim back on.

I'd recommend getting hold of the relevant s975 certificates. If you make a mistake going over the bank statements you'll lay yourself open to a, potentially costly, charge of carelessness if you make an error.

Mind you, do check the s975s, too. Last year I received three where the nett plus tax deducted did not equal the gross.