Calculating interest income for tax return.

[Likely]

On the Tax Return you need to list all income received from savings intereset. How do you go about calculating this , i.e do you calculate it manually on all bank accounts or do you request "Certificate of "Interest" " from the bank ?

[Sockpuppet]

Are you getting paid net or gross?

Unless you've asked for it I guess the bank will be deducting tax at source.

[Lewis]

On the Tax Return you need to list all income received from savings intereset. How do you go about calculating this , i.e do you calculate it manually on all bank accounts or do you request "Certificate of "Interest" " from the bank ?

Yes you ask bank for information.

[malvolio]

I usually add up the lines on the statement labelled "Interest"...

Of course, this is already taxed at source: never really understood if HMRC try to reconcile SA to those statements.

[Lewis]

I usually add up the lines on the statement labelled "Interest"...

Of course, this is already taxed at source: never really understood if HMRC try to reconcile SA to those statements.

The statements clearly show gross and net amounts. Plus they provide proof should you ever need it at a later date on a single sheet of paper that can be filed away with the tax return. I automatically get sent these end of year interest statements on all my accounts usually around the end of April.

[Likely]

What kind of tax the bank is deducting to get the Net Interest that they pay you ? I mean banks seem to be deducting some flat % from the Gross Interest no matter your earnings ?!?! If that is true, then prolly Net Interest is treated as income and taxed individually at tax return. The banks cannot know if you are high rate earner.

[BA to the Stars]

The bank will usually advise the total amount of interest paid during the year, either by sending out a certificate or as a note of the statement issued follwing 5th April

[Lewis]

What kind of tax the bank is deducting to get the Net Interest that they pay you ? I mean banks seem to be deducting some flat % from the Gross Interest no matter your earnings ?!?! If that is true, then prolly Net Interest is treated as income and taxed individually at tax return. The banks cannot know if you are high rate earner.

Yes, it all gets sorted out by the tax return calculations.

[xoggoth]

If you don't have info as stated above you could always estimate based on interest rates, think there is a box for mentioning estimated figures.

[Platypus]

If you don't have info as stated above you could always estimate based on interest rates, think there is a box for mentioning estimated figures.

If you don't have the info as stated, ask your bank for it. They are obliged to provide this information.