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Interest and account fees
candicemarie
Posts: 12 Forumite
in Cutting tax
Hi, I had a Santander account for which I paid £5 a month in fees. Should I deduct the cost of the fees from my interest declaration on my tax form? Surely if I earned £300 interest then it is only actually £240 because I paid £60 in fees over the year? Thanks for any advice.
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Comments
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Unfortunately no deductions are allowed from interest received.1
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And only the interest is taxable, not the DD cash back.
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Surely you can claim the fees separately though as a business expense?0
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What business ?BigBlueSky said:Surely you can claim the fees separately though as a business expense?
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Sorry, I misread the post I thought this was interest on a business account and tax returns for that. My mistake.molerat said:
What business ?BigBlueSky said:Surely you can claim the fees separately though as a business expense?0
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