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  • FIRST POST
    • Mistermeaner
    • By Mistermeaner 15th Apr 19, 11:01 AM
    • 2,554Posts
    • 3,071Thanks
    Mistermeaner
    declaring interest on self assessment
    • #1
    • 15th Apr 19, 11:01 AM
    declaring interest on self assessment 15th Apr 19 at 11:01 AM
    hi, first time doing self asessment

    all seems pretty straight forward

    only question is when declaring interest on savings....

    I have a joint account at santander and a personal account at barclays


    barclays pays me 7/month (blue rewards), after I pay a 3 fee (i don't get it either)

    santander (joint) pays about 6/month interest (on average) but then a further ~10/month in cash back

    Do I declare just half the santander interest (on basis of it being joint account) or do I declare the cash back and blue rewards stuff as well?
    Left is never right but I always am.
Page 1
    • uknick
    • By uknick 15th Apr 19, 4:28 PM
    • 897 Posts
    • 391 Thanks
    uknick
    • #2
    • 15th Apr 19, 4:28 PM
    • #2
    • 15th Apr 19, 4:28 PM
    On the joint account you only declare half the interest received. You don't deduct the monthly fee.

    The cashback is not declared at all.

    The Blue Rewards are declared as they're considered interest paid gross of income tax, so you enter 7 x how months you received it for. You can't claim the fee as an expense.

    You should get, or can ask for, a tax certificate from each bank telling you what "interest" has been paid. This is normally available about June/July after the tax year ends.
    • polymaff
    • By polymaff 15th Apr 19, 5:24 PM
    • 2,702 Posts
    • 1,234 Thanks
    polymaff
    • #3
    • 15th Apr 19, 5:24 PM
    • #3
    • 15th Apr 19, 5:24 PM
    The Blue Rewards are declared as they're considered interest paid gross of income tax, so you enter 7 x how months you received it for.
    Originally posted by uknick
    The 7 Loyalty Reward received up to and including November 2016 for being part of Barclays Blue Rewards is subject to UK income tax and may need to be declared to H M Revenue & Customs.

    All other current rewards and cashback earned through Blue Rewards, and any Loyalty Reward received from December 2016, are not subject to UK income tax.


    https://www.barclays.co.uk/help/accounts/added-features/tax-blue-rewards/


    So since 12/2016, no you don't.
    • Mistermeaner
    • By Mistermeaner 15th Apr 19, 6:11 PM
    • 2,554 Posts
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    Mistermeaner
    • #4
    • 15th Apr 19, 6:11 PM
    • #4
    • 15th Apr 19, 6:11 PM
    How strange ! Free money

    I wonder if it’s possible to get 500 current accounts with Barclays
    Left is never right but I always am.
    • polymaff
    • By polymaff 15th Apr 19, 6:53 PM
    • 2,702 Posts
    • 1,234 Thanks
    polymaff
    • #5
    • 15th Apr 19, 6:53 PM
    • #5
    • 15th Apr 19, 6:53 PM
    How strange ! Free money.
    Originally posted by Mistermeaner

    If it has taken you 5 years to work out that that is the grail of MSE Essential Money, well ....
    Last edited by polymaff; 15-04-2019 at 6:56 PM.
    • uknick
    • By uknick 16th Apr 19, 9:02 AM
    • 897 Posts
    • 391 Thanks
    uknick
    • #6
    • 16th Apr 19, 9:02 AM
    • #6
    • 16th Apr 19, 9:02 AM
    The 7 Loyalty Reward received up to and including November 2016 for being part of Barclays Blue Rewards is subject to UK income tax and may need to be declared to H M Revenue & Customs.

    All other current rewards and cashback earned through Blue Rewards, and any Loyalty Reward received from December 2016, are not subject to UK income tax.


    https://www.barclays.co.uk/help/accounts/added-features/tax-blue-rewards/




    So since 12/2016, no you don't.
    Originally posted by polymaff
    Thanks for that. I'll tell my other half as she's been declaring it because she says that's what the annual statement from Barclays tells her to do.
    • polymaff
    • By polymaff 16th Apr 19, 11:40 AM
    • 2,702 Posts
    • 1,234 Thanks
    polymaff
    • #7
    • 16th Apr 19, 11:40 AM
    • #7
    • 16th Apr 19, 11:40 AM
    Pushed Barclays over this, and they eventually fudged it by declaring it was 3.50 cashback per DD.


    Haven't had any success with Halifax, or the Co-op - yet.
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