Zopa Certificate of Interest

Qyburn

Zopa chat say to update the app. I'll need to leave that a few days in case it breaks my ladder, I need to move funds into two boosted pot with notice given. Current app will do this but updated may not.

refluxer

Just a heads-up (if you keep your own records) that you might find a slightly different figure on Zopa's certificate to the one you've calculated... that's the case for me, at least.

On my certificate, they've reported an annual figure which is 3p higher than the interest on my monthly statements add up to - this is presuming a rounding issue, which Zopa themselves refer to as 'micro-pennies' (I was very careful to spell that correctly )

https://www.zopa.com/help/article/interest-calculated-smart-saver

Qyburn

The tax return rounds interest down to whole pounds, so for example there no difference between entering £251.01 or £251.99, either will be treated (and shown) as £251.00.  Of course there would be a difference between £250.99 and £251.01. 

I'll use the certificate figure as I expect that's what is reported to HMRC, and I will be under the PSA in any case.

BreakingGlass

refluxer said:

Just a heads-up (if you keep your own records) that you might find a slightly different figure on Zopa's certificate to the one you've calculated... that's the case for me, at least.

On my certificate, they've reported an annual figure which is 3p higher than the interest on my monthly statements add up to - this is presuming a rounding issue, which Zopa themselves refer to as 'micro-pennies' (I was very careful to spell that correctly )

https://www.zopa.com/help/article/interest-calculated-smart-saver

Interesting co-incidence - the certificates for my wife and I both show an extra 3p also!  

Frogletina

My Zopa account tells me to go to Manage, and then Documents, but it's not there either.

However, I use a budgeting app and I add interest onto that when it is given and when the balance for Zopa on there doesn't match the balance on the account I just add the extra penny.

The app is great for calculating the amount of interest I have earned throughout the year. and when I check with what HMRC say I've earned in interest, it has always been accurate. Just once though I was given double interest by Virgin which they re-claimed, and I couldn't get any info from Virgin as to whether they had adjusted the figure sent to HMRC (they hadn't) and I got compensation for that when I complained

Qyburn

As anticipated after updating the app this morning, I can access the certificate but on boosted pots with notice given, the move option is disabled. I actually don't need to do any more of those moves yet, but I have left the app on my phone running the existing version so that I can do the moves from there when needed.

refluxer

Qyburn said:

As anticipated after updating the app this morning, I can access the certificate but on boosted pots with notice given, the move option is disabled. I actually don't need to do any more of those moves yet, but I have left the app on my phone running the existing version so that I can do the moves from there when needed.

I'm surprised Zopa haven't forced anyone still using the old version to upgrade by now, because there will be security implications with using out-of-date banking apps.

Qyburn

I used to keep finance apps up to date as a matter of routine, but I learned my lesson when an update to Lloyds stopped it working and I only got the most block-headed responses from Lloyds "help" desk.  Now I only update when necessary.

janusdesign

Qyburn said:

The tax return rounds interest down to whole pounds, so for example there no difference between entering £251.01 or £251.99, either will be treated (and shown) as £251.00.  Of course there would be a difference between £250.99 and £251.01. 

I'll use the certificate figure as I expect that's what is reported to HMRC, and I will be under the PSA in any case.

I think mine was 26p out (difference between monthly statements and the CoI) - didn't fund it until July and only had £2 in for the last few months... like you, i'll use the CoI value, but i've emptied the account now, so I won't have to face this issue next year.

CheekyMikey

The Zopa app for IPad (which was updated 3 days ago) still doesn’t have interest certificates so I had to reactivate and update the app on my Android phone to get my certificate..hopefully they’ll get round to the IOS version soon