Certificate of Interest - Self Assessment

FrankRizzo

I was doing my Self Assessment and started checking my Bank Account for Interest I got in 2024-2025 - unlikely to be anywhere near HMRC allowance.

To my surprise it's not possible to get one for Halifax via Digital Banking. This got me thinking - do I really need to report £2.21 interest I gained in 2024-2025 - I then found below, can anyone help? Do I need to report it since im within the allowance?

If I didn't report it would HMRC, simply change my Tax Code, which would save me the time hunting down Certificates of Interest which some banks suprisingly don't easily provide.

Also how does it work for Interest on Joint Accounts, do I divide the interest by 2 and enter half on my Self Assessment?

If you complete a self-assessment tax return, you should declare all streams of income, including any interest you’ve earned from your savings.

Banks and other financial providers are not always required to deduct tax from any interest you earn, so it’s your responsibility to make sure you’ve paid any tax owed. What they will do though, is report any interest earned to HM Revenue & Customs (HMRC) at the end of each tax year. HMRC might use this information to change your tax code to collect any tax due throughout the year. They may adjust your tax code even if you complete a self assessment return.

masonic

Which part of "you should declare all streams of income, including any interest you’ve earned from your savings" is unclear to you?

What you declare will be taken as the complete figure. HMRC will only override it if they open an enquiry and conclude the figures you provided are wrong. If this resulted in an underpayment of tax, then you may be liable to a penalty and interest on top of the tax owed.

There is no need to hunt down certificates of interest if you have access to your statements showing the interest paid. I'm sure Halifax does provide them, perhaps in the first statement issued after the end of the tax year.

FrankRizzo

I thought because I am within my allowance I might not need to declare it?

What about the point about HMRC changing my tax code - what scenario would they do this?

refluxer

RE: Halifax interest summaries - have a look through your account statements, as Halifax tend to tack their annual interest summaries to the bottom of their normal statements, which you'll either get through the post or you can download them online.

I've got a Halifax Regular Saver and the 2024-25 annual interest summary for that account was at the bottom of the statement I received in June 2025.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81860710#Comment_81860710

No, you must declare all of your income whether or not it results in a tax liability. HMRC needs to know your total income from all sources.

If you owe tax, you have the option of HMRC collecting it through a change to your tax code. If the amount of tax owed is large and expected to continue, HMRC may change your tax code to account for this. Or require you to make an advance payment towards next year.

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/81860710#Comment_81860710

Not one where you are filing a return after the 30 December deadline.

They may update you current tax code to collect more tax for this tax year (or the next one) but for 2024/25 you will have to pay the tax direct to HMRC now you have missed the December deadline.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/81860710#Comment_81860710

Not everyone does self assessment. For those people the tax is usually collected through tax codes (or sometimes via Simple Assessment).

But you are doing self assessment. When you complete that you will declare that "the information I’ve given on this tax return and any supplementary pages is correct and complete to the best of my knowledge and belief.
I understand that I may have to pay financial penalties and face prosecution if I give false information."

oddcueball52

Have you look through the Halifax portal mailbox? I received paperless statement and at the anniversary of the account opened/renewed or maturity of the account they include the certificate of interest.

pochisoldi

https://forums.moneysavingexpert.com/discussion/comment/81860741#Comment_81860741

Self Assessment is about filling in the form for yourself.

As long as you have captured everything, and have the records to back up what you've said, there isn't an issue.

My only beef is where the only evidence of interest is one provider of regular savings accounts who won't routinely send out statements, just a letter saying how much money was transferred out - a single figure representing capital+interest. If I don't have a statement, the only evidence is either the account register in MS Money, or assembling a paper trail of where the capital came from (statements from current accounts). The paper trail would only be assembled if demanded, and if it formed the path of least resistance.

The reality is that in nearly 30 years of SA, I don't recall my figures ever being queried or investigated.

Bigwheels1111

I’ve completed self assessment for the last 3 years, interest over 10k.

Not been asked for certificate of interest.

I just keep a record of interest payments each month.

Never downloaded the yearly interest statement.

I file my return on the 6th of April each year and statements are not available until August onwards

From most banks.

A bit too much over thinking.

Unless HMRC ask I would not worry about it.

FrankRizzo

https://forums.moneysavingexpert.com/discussion/comment/81860745#Comment_81860745

I have and unfortunately there is no Certificate of Interest - I wonder if they only issue it, if there was Interest earned. If that's the case it would be better I still received a certificate so that I knew it was definitely £0.