Cynergy Savings Account

TiVo_Lad

dosh37 said:

After I closed the account, it showed a balance of -£948.24

Today the closed account shows a balance of -£19.19

The interest statement request at least now comes up with a figure (previously it just displayed a rotating 'busy' circle icon that went on forever). It indicates £929.05

None of these figures make any sense at all. They do not tie up with my own Excel spreadsheet.

I am still unable to obtain a proper statement for the closed account i.e. money in and money out.

How am I expected to submit interest received figures to HMRC in April?

The difference between £948.24 and £929.05 is indeed £19.19 so the figures are right, if confusing. It looks like there's been an interest correction i.e. they originally credited you with £948.24 interest, then made an adjustment so took back £19.19 to leave you with £929.05, which is the amount that's shown on your statement. It's that figure that you should use for for SA Tax Return that you might (like me) start on 6th April to get it done as soon as possible rather than leaving it to the last minute.

FWIW, Cynergy have had a couple of interest issues recently around not paying interest at the right times depending on the day of credit etc. I recently got a cheque (!) from them for £5.00 which was the interest due plus statutory compensation because they'd paid interest from the first working day after the credit was received, not from the day it was received.

mebu60

TiVo_Lad said:

dosh37 said:

After I closed the account, it showed a balance of -£948.24

Today the closed account shows a balance of -£19.19

The interest statement request at least now comes up with a figure (previously it just displayed a rotating 'busy' circle icon that went on forever). It indicates £929.05

None of these figures make any sense at all. They do not tie up with my own Excel spreadsheet.

I am still unable to obtain a proper statement for the closed account i.e. money in and money out.

How am I expected to submit interest received figures to HMRC in April?

The difference between £948.24 and £929.05 is indeed £19.19 so the figures are right, if confusing. It looks like there's been an interest correction i.e. they originally credited you with £948.24 interest, then made an adjustment so took back £19.19 to leave you with £929.05, which is the amount that's shown on your statement. It's that figure that you should use for for SA Tax Return that you might (like me) start on 6th April to get it done as soon as possible rather than leaving it to the last minute.

FWIW, Cynergy have had a couple of interest issues recently around not paying interest at the right times depending on the day of credit etc. I recently got a cheque (!) from them for £5.00 which was the interest due plus statutory compensation because they'd paid interest from the first working day after the credit was received, not from the day it was received.

I also wondered if the -£19.19 is related to the interest issues. Might be worth dosh37 checking he hasn't missed an email on that. Especially as any interest restitution is paid net of tax so requires separate listing on SA to be completed from 06:04:23. 

dosh37

dosh37 said:

After I closed the account, it showed a balance of -£948.24

Today the closed account shows a balance of -£19.19

The interest statement request at least now comes up with a figure (previously it just displayed a rotating 'busy' circle icon that went on forever). It indicates £929.05

None of these figures make any sense at all. They do not tie up with my own Excel spreadsheet.

I am still unable to obtain a proper statement for the closed account i.e. money in and money out.

How am I expected to submit interest received figures to HMRC in April?

I have finally figured this out after eventually receiving a secure message in response to my original query.

It turns out that the so called 'Interest Statement' does not actually include all the interest.

In my case a couple of additional interest payments ('adjustments') were made about 4 months ago.

These appear in the closing statement but are not added to the interest statement.

That makes the interest statements pretty useless when filling out self assessment tax returns.

mebu60

dosh37 said:

dosh37 said:

After I closed the account, it showed a balance of -£948.24

Today the closed account shows a balance of -£19.19

The interest statement request at least now comes up with a figure (previously it just displayed a rotating 'busy' circle icon that went on forever). It indicates £929.05

None of these figures make any sense at all. They do not tie up with my own Excel spreadsheet.

I am still unable to obtain a proper statement for the closed account i.e. money in and money out.

How am I expected to submit interest received figures to HMRC in April?

I have finally figured this out after eventually receiving a secure message in response to my original query.

It turns out that the so called 'Interest Statement' does not actually include all the interest.

In my case a couple of additional interest payments ('adjustments') were made about 4 months ago.

These appear in the closing statement but are not added to the interest statement.

That makes the interest statements pretty useless when filling out self assessment tax returns.

As previously advised, it's probably because the adjustments were paid net of income tax. So they will not be on the gross interest statement.