Self Assessment - bank interest

[Cheshire Cat]

this year will be my first ever SA so apologies if this is well worn ground for many on here. I did a search but couldn't find a clear answer.

At some point soon I should receive an annual interest statement for each of my personal bank accounts (current, savings etc).
This will presumably list the total interest earned on any +ve balance, total interest paid on any -ve balance and a net sum. Is that right?

Is the taxman interested in the total interest earned, or just the total net interest?

The amounts will be pitiful either way, and may net to pence figures, but I'm conscious of filling in the form as dilligently as possible to avoid any unnecessary scrutiny.

Thanks

[ASB]

this year will be my first ever SA so apologies if this is well worn ground for many on here. I did a search but couldn't find a clear answer.

At some point soon I should receive an annual interest statement for each of my personal bank accounts (current, savings etc).
This will presumably list the total interest earned on any +ve balance, total interest paid on any -ve balance and a net sum. Is that right?

Is the taxman interested in the total interest earned, or just the total net interest?

The amounts will be pitiful either way, and may net to pence figures, but I'm conscious of filling in the form as dilligently as possible to avoid any unnecessary scrutiny.

Thanks

Total interest earned. You can't offset interest paid against it. If they are personal accounts it should list the interest recevied and the tax deducted.

[EchoSierra]

this year will be my first ever SA so apologies if this is well worn ground for many on here. I did a search but couldn't find a clear answer.

At some point soon I should receive an annual interest statement for each of my personal bank accounts (current, savings etc).
This will presumably list the total interest earned on any +ve balance, total interest paid on any -ve balance and a net sum. Is that right?

Is the taxman interested in the total interest earned, or just the total net interest?

The amounts will be pitiful either way, and may net to pence figures, but I'm conscious of filling in the form as dilligently as possible to avoid any unnecessary scrutiny.

Thanks

Cheshire Cat you've posted 496 times and this is your first SA tax return?

The interest you see credited on your personal bank accounts have already had 20% tax deducted.
I think it's 20% although there is that stuff about the 10% saving rate which I never paid attention to.

Here it is...

Starting rate for savings: 10%*

* From 2008-09 there is a 10 per cent starting rate for savings income only. If your non-savings income is above this limit then the 10 per cent starting rate for savings will not apply.

[Addanc]

Ask your bank/building soc. to provide a "Section 975 Certificate" for each interest paying account; these contains a statement of the interest and tax paid in the financial year.

[TheCyclingProgrammer]

Might seem like a silly question, but do people bother declaring the interest on their SA if its nothing more than pennies or a few quid?

[tim123]

Might seem like a silly question, but do people bother declaring the interest on their SA if its nothing more than pennies or a few quid?

probably not, but if you've saved for your "resting" periods, it is (more than pennies)

tim

[FarmerPalmer]

probably not, but if you've saved for your "resting" periods, it is (more than pennies)

tim

unless you have it offset against your mortgage

[Gonzo]

Might seem like a silly question, but do people bother declaring the interest on their SA if its nothing more than pennies or a few quid?

I always did on the basis that it might look a little incongruous if someone with the income I had didn't declare any bank interest at all. There were always ways to keep it low. Obviously these days it will be completely normal not to receive any.