Principality bs interest from closed accounts for tax return

pochisoldi

PBS aren't very good when it comes to statements, tax certficates and the like.

Once the account is closed, you lose direct access to statements, so download a statement between the last payment in, and account closure (assuming you have provided maturity instructions)

When I close a regular saver account, I get an account closure letter which states the amount transferred. I scan and file that as confirmation of what the final balance was. If i forgot to download a statement prior to closure I would then rely on the paper trail that is the source bank accounts and MS Money records if HMRC want to start asking questions (working on the basis that for a regular saver, the transferred balance minus capital paid in equals interest earned, and the date of the letter more or less nails down the date.

As far as £0.01 interest is concerned, when filling a tax return, you total up all the pounds and pennies, and then round down afterward. So three bank accounts paying £4.97, £0.02 and £0.01 is £5 to declare not £4.

Put into spreadsheet terms rounddown(4.97+0.02+0.01,0) = £5 of interest to declare, rather than rounddown(4.97,0)+rounddown(0.02,0)+rounddown(0.01,0) which equals £4. rounddown(n,0) returns n rounded down to 0 decimal places.

janusd

they're planning on launching their own app before the end of the year, so hopefully that might help resolve their legacy IT issues.

Newly_retired

i find their inability to provide information on closed accounts very frustrating.

i believe( I need to check details) that I may have forgotten to cancel my standing order to an RS which had recently matured. It has not been returned to my bank account and there is now no access to the closed RS account. They don’t make life easy, as the SO details need numbers so I can’t quickly check by name.