Halifax Reward Payment on tax return

Options
typistretired
typistretired Posts: 2,099 Forumite
Name Dropper First Anniversary Combo Breaker First Post
in Budgeting & bank accounts
If anyone else is doing their tax return and wondered where to put their Halifax Reward Payment now Halifax are issuing us with tax certificates. You put the Reward Payment under other income, boxes 17, 19 and 21 on TR3 need to be completed
"Look after your pennies and your pounds will look after themselves"
«1

Comments

  • TrustyOven
    TrustyOven Posts: 746 Forumite
    First Anniversary First Post Combo Breaker
    Options
    For box 21, I put:

    "Annual payments for holding a Halifax Reward Current Account." as per some other website.

    Don't forget to round up tax, and round down income as per their advice sheet. :)
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
    Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)
  • Motormad
    Motormad Posts: 134 Forumite
    Options
    Do you have to declare switching incentives and rewards on your tax return?
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    Options
    Motormad wrote: »
    Do you have to declare switching incentives and rewards on your tax return?
    The answer is no. As long as you're not referring to Halifax £3 a month rewards.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Name Dropper First Post First Anniversary
    Options
    PeacefulWaters wrote: »
    The answer is no. As long as you're not referring to Halifax £3 a month rewards.

    Or co op or other regular payment on a bank account.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Name Dropper First Post First Anniversary
    Options
    TrustyOven wrote: »
    For box 21, I put:

    "Annual payments for holding a Halifax Reward Current Account." as per some other website.

    Don't forget to round up tax, and round down income as per their advice sheet. :)

    I believe it rounds up and down automatically.
  • where_are_we
    where_are_we Posts: 1,001 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    Options
    My OH received her Halifax Annual Reward Summary a few weeks ago and as a non taxpayer has recently reclaimed the tax deducted. Why do banks and building societies release Annual Summary statements for each tax year (online documents and letters) as late as July, when the tax year ends on the 5th of April eg. 3 BOS statements came at the end of July. It doesn`t seem very efficient. She has to delay filling in a P55 HMRC tax form until she has all her Annual Summary statements (in double figures) available.
  • TrustyOven
    TrustyOven Posts: 746 Forumite
    First Anniversary First Post Combo Breaker
    Options
    bigadaj wrote: »
    I believe it rounds up and down automatically.

    There's nothing automatic about using your pen and writing the rounded number on the form, unless you mean automatically by your brain as you are doing it.

    I suspect the online Self Assessment would probably round it up and down.
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
    Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Name Dropper First Post First Anniversary
    Options
    TrustyOven wrote: »
    There's nothing automatic about using your pen and writing the rounded number on the form, unless you mean automatically by your brain as you are doing it.

    I suspect the online Self Assessment would probably round it up and down.

    Can you still do a paper return, I thought it was online only now?
  • TrustyOven
    TrustyOven Posts: 746 Forumite
    First Anniversary First Post Combo Breaker
    Options
    bigadaj wrote: »
    Can you still do a paper return, I thought it was online only now?

    I had to do a paper one this year for tax year 2016 to 2017 (I phoned them about pension HR tax releif and they couldnt sort it out on the phone so they said "ok we will send you ha SA form and you have to fill it in". Was bit of a shock; never filled one in before and don't expect to ever again.)

    I know they received it (guaranteed next day postage was signed) but had no official communication from HMRC to say they are looking into it or whatever. Honestly have no idea what will happen as a result.
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
    Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)
  • typistretired
    typistretired Posts: 2,099 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Options
    Just completed my tax return online. The information I noted from a tax advise site must refer to a paper application. But the Halifax reward is put in other income (last of list) and there is a box to allow you to state it was from the Halifax Reward. Strange they don't round down when working out how much you owe. They collect the pennies.
    "Look after your pennies and your pounds will look after themselves"
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards