Self Assessment: Savings Interest Statements for closed accounts.

VXman

After the hassle of doing this last year - this year I have kept a spread sheet and added my interest payments to it each month.

Bigwheels1111

VXman said:

After the hassle of doing this last year - this year I have kept a spread sheet and added my interest payments to it each month.

I'm with you on that.

Just waiting for one statment from Coventry BS due to be printed on the 19/04/24.

Open and closed 2 or 3 easy access with them in the space of a month or two.

Forgot to note down interest.

Looking at my 23/24 return I have a 4k pension payment listed, a bit strange as I have 10 years to go.

ian1246

Thank you for the responses guys. That clarifies things.

I think I'll probably be better off reducing my savings slightly to stay below the £500 a year allowance rather than be taxed on the interest above £500 at 40%! 

Basically I've just gone through a divorce and been fortunate enough to carry over a £187,500 mortgage at 2.52% (fixed for another 6 years 10months) to my new property. The catch is my ex-wife had the majority of the equity from the family home house sale, so i've only got a 10% loan to value ratio & had to take a top-up mortgage of £37,500 at 6.62% (fixed for another year & 6months) - basically I might as well overpay the top up mortgage with the extra savings/what I would normally put into savings. I'm hopeful I can clear the top up mortgage in 5-6 years, which means when my "main" mortgage comes off its fix onto a much higher interest rate, I should be able to afford it since the top up mortgage would be gone (currently £220 a month).

Plus it ll save me having to worry about HMRC fiddling with my tax code!

Currently between a 7% instant access & 6.25% easy-access regular saver I'm averaging something like 6.4% on my emergency savings (not including the 7% fixed regular saver).

Bigwheels1111

I Should not make a comment on these posts, HA HA.

My self assessment request arrived today.

That will teach me.