Paperless accounts and tax certificates

UKSBD

I have a couple of Online paperless accounts.


As they are paperless does this mean they don't send annual interest tax records?


If not, where do we obtain them from?


Lloyds and TSB accounts.

Dazed_and_confused

Wouldn't going online and simply adding up all the interest payments be quicker?

bowlhead99

For Lloyds as an example you can just go to their self-service form when you are logged in (https://secure.lloydsbank.com/online_forms/contact_us/enquiry/form.asp?WT.ac=IntBank/Navigation/Selfserve)

Then from the drop down, "what does your query relate to" select "current account" or "savings account", and for "and what would you like to do" select "order a certificate of interest".

As tax is no longer withheld at source by the banks you don't actually need a 'certificate' to prove you've paid tax, as you haven't paid any. So for current tax year they will simply send you an "annual Summary of Interest" saying what interest they gave you on the relevant account. But for earlier tax years (on my account, the seven years up to and including 2015/16 are available) you can just check a box saying you want a duplicate Certificate of Interest for that year.

To be honest, as Dazed says, I can't be bothered ordering something and waiting for it to arrive in the post. I just go into the relevant online statement and hit the button to search my statement, select a 90 day range, and under advanced search options select transaction type as 'interest payment' (or just a text search for the phrase 'int' and it finds me the relevant transactions in that 90 days. Then just hit 'search earlier statements' three times for the earlier 90 day periods to cover the rest of the year. Add them up with a calculator or spreadsheet or your head, and you can do your tax return there and then without waiting for the postman.

If you have closed the account so it no longer appears in online banking then I guess that last method is out. For that reason I generally resist the temptation to close old empty savings accounts before the end of the tax year for which I might want to report them.

youngretired

They will send a interest annual statement via your online documents but these may not come until later in the year, so if you need them earlier then on their website there is a section where you can request copies or call them and they can take the request over the phone and post them out.

UKSBD

youngretired wrote: »

They will send a interest annual statement via your online documents but these may not come until later in the year, so if you need them earlier then on their website there is a section where you can request copies or call them and they can take the request over the phone and post them out.

Thanks, I just had a look in my inbox and found previous years came between April and June, I'll just wait and see if they get sent this year too.


Edit: I've found in my account too now, under More Actions, Account Information and benefits (at Lloyds, assume TSB will be similar)

colsten

OP, if you are registered for paperless, you should receive annual statements online. You don't need to wait for them though if you want to go ahead and make your tax return. You can simply add up the interest you got and give the bottom line number to HMRC. I have never had them ask for details.

This is what I received from Lloyds and TSB:

Lloyds online inbox
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Easy Saver: Annual Interest Summary 2016-17 dated 31/03/17
Club Lloyds: last annual interest summary received July 2016, so I expect another one around July 2017


TSB online inbox
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Got many accounts with them - all had annual interest summaries dated July 2016. Am expecting to receive some again this July