All in one Savings Platform

DoneWorking

Dazed_and_C0nfused said:

DoneWorking said:

eskbanker said:

DoneWorking said:

I'm currently using Raisin plus over ten other savings accounts 
I find that getting the interest statements from each bank is a laborious task particularly interest for closed accounts 
Some banks are better than others but generally it takes me until late June before I have all the confirmation info to submit with my tax return

Is there any way to simplify this task 

Yes, keep your own records of interest paid into your accounts!

I do But I still need a written confirmation of interest received for each account from the bank to submit with my tax return 

Where have you got that idea from?

You seem to invented your own rule there, it's not something I have ever heard anyone else do!

I just assumed it was good practice 
I don't actually send in the written statements 
I just keep them with my return application for future reference 

A friend who uses an accountant for his financial affairs says his accountant asks him to send statements of interest to them each year 

BreakingGlass

DoneWorking said:

What is the best all in one Savings Platform with the most savings accounts available 
Is Flagstone ok
Or do you suggest other alternatives 

My sister uses Flagstone and finds it very straightforward with some reasonable rates - be aware that they don't do ISAs (whereas I think H-L do).

She set up the Flagstone account via a link sent to her by her financial advisor, hence the rates she gets are very slightly higher than those available to someone going direct. Her advisor can also log in and view her accounts (although unable to process transactions).

eskbanker

DoneWorking said:

Dazed_and_C0nfused said:

DoneWorking said:

eskbanker said:

DoneWorking said:

I'm currently using Raisin plus over ten other savings accounts 
I find that getting the interest statements from each bank is a laborious task particularly interest for closed accounts 
Some banks are better than others but generally it takes me until late June before I have all the confirmation info to submit with my tax return

Is there any way to simplify this task 

Yes, keep your own records of interest paid into your accounts!

I do But I still need a written confirmation of interest received for each account from the bank to submit with my tax return 

Where have you got that idea from?

You seem to invented your own rule there, it's not something I have ever heard anyone else do!

I just assumed it was good practice 
I don't actually send in the written statements 
I just keep them with my return application for future reference 

A friend who uses an accountant for his financial affairs says his accountant asks him to send statements of interest to them each year 

It's unsurprising that an accountant would seek statements for simplicity, but if you keep track of interest earned and submit your own self-assessments then there's no need to wait for statements - there's no harm in doing so as such but if you're finding it laborious then why bother?

DoneWorking

eskbanker said:

DoneWorking said:

Dazed_and_C0nfused said:

DoneWorking said:

eskbanker said:

DoneWorking said:

I'm currently using Raisin plus over ten other savings accounts 
I find that getting the interest statements from each bank is a laborious task particularly interest for closed accounts 
Some banks are better than others but generally it takes me until late June before I have all the confirmation info to submit with my tax return

Is there any way to simplify this task 

Yes, keep your own records of interest paid into your accounts!

I do But I still need a written confirmation of interest received for each account from the bank to submit with my tax return 

Where have you got that idea from?

You seem to invented your own rule there, it's not something I have ever heard anyone else do!

I just assumed it was good practice 
I don't actually send in the written statements 
I just keep them with my return application for future reference 

A friend who uses an accountant for his financial affairs says his accountant asks him to send statements of interest to them each year 

It's unsurprising that an accountant would seek statements for simplicity, but if you keep track of interest earned and submit your own self-assessments then there's no need to wait for statements - there's no harm in doing so as such but if you're finding it laborious then why bother?

Do you think it's compulsory for my friends accountant to request statements of interest
They say it ensures the tax return they produce is correct 

Notepad_Phil

DoneWorking said:

eskbanker said:

DoneWorking said:

Dazed_and_C0nfused said:

DoneWorking said:

eskbanker said:

DoneWorking said:

I'm currently using Raisin plus over ten other savings accounts 
I find that getting the interest statements from each bank is a laborious task particularly interest for closed accounts 
Some banks are better than others but generally it takes me until late June before I have all the confirmation info to submit with my tax return

Is there any way to simplify this task 

Yes, keep your own records of interest paid into your accounts!

I do But I still need a written confirmation of interest received for each account from the bank to submit with my tax return 

Where have you got that idea from?

You seem to invented your own rule there, it's not something I have ever heard anyone else do!

I just assumed it was good practice 
I don't actually send in the written statements 
I just keep them with my return application for future reference 

A friend who uses an accountant for his financial affairs says his accountant asks him to send statements of interest to them each year 

It's unsurprising that an accountant would seek statements for simplicity, but if you keep track of interest earned and submit your own self-assessments then there's no need to wait for statements - there's no harm in doing so as such but if you're finding it laborious then why bother?

Do you think it's compulsory for my friends accountant to request statements of interest
They say it ensures the tax return they produce is correct 

There's no legal restriction that says an accountant must have statements of interest to do a tax return - but I suppose they could make it a part of their terms of contract that they will only do a tax return If they receive them.

I think most/all accountants would send a copy of the return to the client to be checked and authorised before submitting, so If someone gave the wrong information then I would have thought the accountant would be covered if they had been given incorrect information.

masonic

DoneWorking said:

eskbanker said:

DoneWorking said:

Dazed_and_C0nfused said:

DoneWorking said:

eskbanker said:

DoneWorking said:

I'm currently using Raisin plus over ten other savings accounts 
I find that getting the interest statements from each bank is a laborious task particularly interest for closed accounts 
Some banks are better than others but generally it takes me until late June before I have all the confirmation info to submit with my tax return

Is there any way to simplify this task 

Yes, keep your own records of interest paid into your accounts!

I do But I still need a written confirmation of interest received for each account from the bank to submit with my tax return 

Where have you got that idea from?

You seem to invented your own rule there, it's not something I have ever heard anyone else do!

I just assumed it was good practice 
I don't actually send in the written statements 
I just keep them with my return application for future reference 

A friend who uses an accountant for his financial affairs says his accountant asks him to send statements of interest to them each year 

It's unsurprising that an accountant would seek statements for simplicity, but if you keep track of interest earned and submit your own self-assessments then there's no need to wait for statements - there's no harm in doing so as such but if you're finding it laborious then why bother?

Do you think it's compulsory for my friends accountant to request statements of interest
They say it ensures the tax return they produce is correct 

Statements of interest cannot be relied upon for tax calculations in isolation. They show interest credited, whereas interest arises for tax when it is accessible, which may be in a different tax year. Knowledge of the account terms is also required. However, a statement of interest provides one advantage to an accountant vs account statements, namely all the other transactions are removed and the interest is added up. So it is a convenience thing, not something that is compulsory.