Zopa Interest Reporting

Qyburn

Hi,
I don't know if Zopa has been around long enough for anyone to know, but does anyone know whether they provide an end of tax year statement of interest paid? I must say I hadn't thought through how fragmented the data will be, not just every month but every month in every pot separately. If i need to got it all up myself I'd better do it as I go, not leave it all until I'm doing my tax return.
Thanks 

refluxer

I haven't had a Smart Saver open long enough to know for sure, but I'm expecting an interest summary to be available at some point early in the next tax year as I think pretty-much all the other banks and building societies I deal with do this automatically.

I do also keep my own records of the total interest earned each month (across all the different pots) and download the monthly statements (all the accounts are listed on the same statement which keeps things simple). The fact that the pots don't have their own account numbers should actually make things simpler when it comes to tax, as the interest can presumably be combined into one total figure for the Smart Saver each tax year.

dgpur

Qyburn said:

Hi,
I don't know if Zopa has been around long enough for anyone to know, but does anyone know whether they provide an end of tax year statement of interest paid? I must say I hadn't thought through how fragmented the data will be, not just every month but every month in every pot separately. If i need to got it all up myself I'd better do it as I go, not leave it all until I'm doing my tax return.
Thanks 

The answer is yes, they do. Don’t worry about the fragmentation, remember that all those pots are contained in one single account, so they’ll work out the interest and combine it into one figure. I’m fairly sure that every institution is required to provide a tax statement, though some you have to ask, and some make it unnecessarily hard to find them (I’m looking at you Virgin!).