Self Assessment and the Interest earned via Savings Account

ashok.198311

Hi All, How do I decalre the Interest earned from the savings accounts on the tax return if I am not able to track the Accounts? I am aware the earned interest is less than £100 so well below the PSA. I wonder what will be the best option to do in this case? Just submit submit with the best guess?

eskbanker

What do you mean by not being able to track the accounts?  Surely you should be able to locate information about accounts that you had during 2023/24, even if that entails asking the providers for it or cross-referring deposits and withdrawals to/from current accounts?

There is an option towards the end of the SA forms where you can declare figures to be estimates though, but you'd be expected to make efforts to find the definitive ones....

Nearlyold

Why are you not able to track the interest?
Is it because its paid annually and has not been credited to the account yet because you've had the account for less than a year?

eskbanker

Nearlyold said:

Why are you not able to track the interest?
Is it because its paid annually and has not been credited to the account yet because you've had the account for less than a year?

If it's paid annually and hasn't been credited yet then there's nothing to report for the previous tax year!

ashok.198311

I switched from the Accounts after the savings accounts closed and I don't have information of All the accounts. I have one tsb Savings account, The FirstDirect regular saver.. Was not able to find the information from first direct regular saver.

Nearlyold

eskbanker said:

Nearlyold said:

Why are you not able to track the interest?
Is it because its paid annually and has not been credited to the account yet because you've had the account for less than a year?

If it's paid annually and hasn't been credited yet then there's nothing to report for the previous tax year!

Yes I know that which is why I'm asking if it's actually been paid yet to establish what the OP  means by being unable to track it.

ashok.198311

The account is Matured in 2023 November, so Yes that is paid.. Say if the interest is paid annually I don't need to worry about those accounts isn't it?

ashok.198311

Nearlyold said:

Why are you not able to track the interest?
Is it because its paid annually and has not been credited to the account yet because you've had the account for less than a year?

I switched from the Accounts after the savings accounts closed and I don't have information of All the accounts. I have one tsb Savings account, The FirstDirect regular saver.. Was not able to find the information from first direct regular saver.

eskbanker

ashok.198311 said:

The FirstDirect regular saver.. Was not able to find the information from first direct regular saver.

But my point was that you must have some trail of where the money went after the account was closed, i.e. is it still within the easy access saver account that FD put it into by default or did you transfer it elsewhere?  Either way round, can't you compare how much you paid in versus how much you got out to derive the interest figure?

And even if none of that helps, you can ask FD for the answer?

Edit: I had one of these mature recently and received a clear and comprehensive closure statement in the post, despite being set up for paperless management, did you receive this?

Sarahspangles

ashok.198311 said:

The account is Matured in 2023 November, so Yes that is paid.. Say if the interest is paid annually I don't need to worry about those accounts isn't it?

You need to know for next year’s tax return. Can you work it out from the payments going out of your main account and then the deposit back there when you closed the savings account?

Newly_retired

You must surely know how much the account stood at on maturity ? Deduct the £300 ( or whatever ) per month you paid in, and the rest is your interest.