Self Assesment: Interest from Bank and Savings accounts?

icicat

This part has always blocked me. It's never straight forward finding out though I doubt I have accumulated any interest from current or savings accounts. I'm guessing less than £1, not even that. Just wondering if I should just put 'no' as the answer or do they really want to know if I have 22p interest as it takes a long time for the bank to send certificates. I'm sure I rang HMRC and they mentioned it's not worth mentioning anything under a certain amount and to just put 'no' on the question, though wanted to get other peoples thoughts? Cheers

Dazed_and_C0nfused

Less than £1 in total doesn't need to included on the return.

in_my_wellies

I rang them and they said no need to complete that section if under £1000 of interest. I'm still uneasy as in another call I was told Carers Allowance is not taxable which I know is incorrect but he insisted I was wrong

Dazed_and_C0nfused

in_my_wellies said:

I rang them and they said no need to complete that section if under £1000 of interest. I'm still uneasy as in another call I was told Carers Allowance is not taxable which I know is incorrect but he insisted I was wrong

Whoever you spoke to was 100% wrong and has no understanding how taxation of interest works 

kazwookie

If you do online banking, under statements there may be yearly interest statement or similar, you can just view or down load the bit you need for your return.

Or ring your bank/s and ask them to send you one, they will possibly charge for this.

in_my_wellies

Dazed_and_C0nfused said:

in_my_wellies said:

I rang them and they said no need to complete that section if under £1000 of interest. I'm still uneasy as in another call I was told Carers Allowance is not taxable which I know is incorrect but he insisted I was wrong

Whoever you spoke to was 100% wrong and has no understanding how taxation of interest works 

I was right to be uneasy. I have the figures ready, some ISA, some Bonds. Do I just include the Bonds?

[Deleted User]

Dazed_and_C0nfused said:

in_my_wellies said:

I rang them and they said no need to complete that section if under £1000 of interest. I'm still uneasy as in another call I was told Carers Allowance is not taxable which I know is incorrect but he insisted I was wrong

Whoever you spoke to was 100% wrong and has no understanding how taxation of interest works 

That person was also 100% wrong on the Carers Allowance. It is taxable. At least he was consistently wrong!

Dazed_and_C0nfused

ISA interest doesn't get declared as that is genuinely tax exempt.

If the interest from the bonds is taxable then it needs to be declared.

in_my_wellies

Dazed_and_C0nfused said:

ISA interest doesn't get declared as that is genuinely tax exempt.

If the interest from the bonds is taxable then it needs to be declared.

Thanks
I'll ignore the ISA interest and just declare the bonds - less than £150 but am I right in thinking this comes under my £1000 allowance so won't be taxed anyway? 

icicat

Ok I'll have a look on my online banking. I know that they no longer add interest to current accounts, and I have about £1.60 in my savings, so might be safe to assume there is no interest on those

icicat

Looking at my statements I can see no interest being paid in so I guess that's something to go by.