Zopa Certificate of Interest

Qyburn

Interesting. Just as well I did it the other way, updating Android and leaving IOS unchanged. I guess Apple users are out of luck in this respect.

Choirgrl

CheekyMikey said:

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

I use the IOS app and my certificate’s been available since last week. 

pecunianonolet

My statement shows a 4p difference vs. own records taken from monthly statements and I am overall over the PSA so 4p I get taxed on when in reality I haven't received the 4p.

EDIT: Spoken to Zopa chat and they confirmed that interest i calculated using 8 decimals. I have only a 4p difference but being a higher rate tax payer 40% of 0.04 is 0.016, rounded up by HMRC so I overpay 2p in tax for interest never received into my account. It's been offered by the chat agent to escalate internally. Let's see if they correct the statement or pay me the additional 4p

Qyburn

Given that interest is recorded on the tax return rounded down to whole pounds has that 4p actually made a difference in your case?

pecunianonolet

Qyburn said:

Given that interest is recorded on the tax return rounded down to whole pounds has that 4p actually made a difference in your case?

I received £3.86 in interest as I only parked some funds there for a short while in a 7 day boosted pot until a better rate was available elsewhere. The statement I got quotes £3.90 in interest. Not really care about the pennies, it's the principle I care about. If interest is calculated to 8 decimals and the rounding leads to £3.90 I would expect that I get this paid into my account.

On the tax return, never filled out a self assessment as never was exceeding PSA and before all employers took pension from gross salary so I was always getting the correct tax relief. Now, I am over my £500 PSA limit and pension is taken from net. I am also based in Scotland to complicate things maybe a little more and my tax code is not the standard as I have tax relief applied on top of the £12570 free allowance. 

So if interest is rounded down to the nearest pound, that is something I don't know about. However, does that mean that if all banks and building societies report a total of e.g. £501.99 in interest to HMRC, the £0.99 are just ignored and I would be taxed on £1 only?

Qyburn

That's how it works on the tax return, if you enter 501.99 and save, then look at the page again it shows 501.

By the way excuse me if this is obvious but are you over the England higher rate threshold? Because that's what determines the PSA. It had me confused because at one point  I was paying Scottish HR tax but was getting more than £500 savings interest at 0% tax.

CheekyMikey

Choirgrl said:

CheekyMikey said:

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

I use the IOS app and my certificate’s been available since last week. 

On iPad or iPhone?

Choirgrl

CheekyMikey said:

Choirgrl said:

CheekyMikey said:

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

I use the IOS app and my certificate’s been available since last week. 

On iPad or iPhone?

On my iPad

AmityNeon

pecunianonolet said:

My statement shows a 4p difference vs. own records taken from monthly statements and I am overall over the PSA so 4p I get taxed on when in reality I haven't received the 4p.

EDIT: Spoken to Zopa chat and they confirmed that interest i calculated using 8 decimals. I have only a 4p difference but being a higher rate tax payer 40% of 0.04 is 0.016, rounded up by HMRC so I overpay 2p in tax for interest never received into my account. It's been offered by the chat agent to escalate internally. Let's see if they correct the statement or pay me the additional 4p

Your account balance in your monthly statements is the accurate figure; the individual interest payment figures may be 1p lower than they should be, due to Zopa's poor programming.

Like all providers, they take into account fractional pennies accrued every day. Where they differ is on days when interest is paid:

• The interest is always rounded down, and the remaining fractional penny is stored for the next period.
• The fractional penny from the previous period is only included in the account balance calculation, not the individual interest figure calculation.

What they should do is either include the fractional penny in the individual interest calculation (and then round down), or simply subtract the previous account balance from the new account balance after interest is paid.

CheekyMikey

Choirgrl said:

CheekyMikey said:

Choirgrl said:

CheekyMikey said:

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

I use the IOS app and my certificate’s been available since last week. 

On iPad or iPhone?

On my iPad

Deleted and re added app on iPad and now shows certificate..