NS&I Interest Certificates

DoneWorking

Does NS&I provide certificates of interest for its Direct Saver and Various Bonds for submission with my Tax Return

I've downloaded the annual statements for each account but it contains all transactions over the year

I'm looking for a simple statement of interest received during the last tax year for each account

poppystar

Not as far as I know but is it necessary to include copies of anything with a tax return? Isn’t it done on trust and you just have to be able to show proof if asked of the figures you have given? 

DoneWorking

I don't send in the confirmation of interest with my tax return 
But do keep a copy of all proof of interests for all accounts with my records 

Ideally these would be short and succinct
Unfortunately NS&I only appear to provide a full annual statement which includes all transactions 

Swipe

DoneWorking said:

Unfortunately NS&I only appear to provide a full annual statement which includes all transactions 

That's HMRC's problem then if they ever request evidence.

BooJewels

I just save whatever document each account generates that shows the interest paid - they vary a bit in format - NS&I tend to prep statements for the anniversary of your account opening, rather than for the tax year - at least they have with mine.  I have a spreadsheet where I count interest (I largely prefer monthly payments) as I go along chronologically and also record it per account - hopefully the 2 lists tally to the same total in April (they do when I don't make typos).  I keep a separate sheet prepped for HMRC for each tax year which also lists account numbers and type and I record as a comment if I validated it against a statement and what format it took.

Should HMRC be in the slightest bit interested and ask for more details, I'll send them a pdf/print of that sheet, with the saved statements.  I'm figuring that because I've done a thorough job on it and everything balances and validates, they'll never ask.  They'll wait for the year where I've dropped the ball and am in a mess.

Tassie_Devil

I noticed that NS&I’s year end doesn’t coincide with the end of the tax year when I downloaded my statements. 

DoneWorking

I have a friend who uses an accountant to look after his tax return and other financial matters 
He says his accountant insists he sends in interest statements to him to confirm his interest
Is this normal practice 
He says his accountant wants to ensure the interest figures are correct before preparing the Tax Return 

eskbanker

DoneWorking said:

I have a friend who uses an accountant to look after his tax return and other financial matters 
He says his accountant insists he sends in interest statements to him to confirm his interest
Is this normal practice 
He says his accountant wants to ensure the interest figures are correct before preparing the Tax Return 

I can understand why things would be more stringent if engaging an accountant to complete tax returns, but that just comes down to the terms of the engagement rather than any legal or regulatory obligation as such.  An individual completing their own tax returns in the normal way has no need to obtain formal certificates of interest, even though these used to be issued as a matter of course back in the pre-2016 days when savings providers deducted tax at source....

DoneWorking

eskbanker said:

DoneWorking said:

I have a friend who uses an accountant to look after his tax return and other financial matters 
He says his accountant insists he sends in interest statements to him to confirm his interest
Is this normal practice 
He says his accountant wants to ensure the interest figures are correct before preparing the Tax Return 

I can understand why things would be more stringent if engaging an accountant to complete tax returns, but that just comes down to the terms of the engagement rather than any legal or regulatory obligation as such.  An individual completing their own tax returns in the normal way has no need to obtain formal certificates of interest, even though these used to be issued as a matter of course back in the pre-2016 days when savings providers deducted tax at source....

That makes sense 
I personally always get proof of interest for each account for each tax year just in case I ever get asked to corroborate my tax return at some point in the future 
Thanks All

sausage_time

Just hitting this for 2023/24.   What a pain I need to go back over 3+ years to declare the interest that is taxed in this one year.