Tax return and bank interest

[DimPrawn]

My accountant is preparing my tax return.

He wants to know how much money I've made on interest. I don't know. I have a dozen accounts and the balances go up and down like a brides nightie.

Also, how come Hector can tax me on money I make on interest but does not credit me when the bank charges me interest when borrowing money? Greedy fookers.

[crack_ho]

Your Banks should send you a s352 for every account every year which show the consolidated figures.
Normally sent in May.
For some building societies like B&B you have to request them.
Alternatively phone them up and they will tell you the figures on the blower.

[KevinT77]

My accountant is preparing my tax return.

He wants to know how much money I've made on interest. I don't know. I have a dozen accounts and the balances go up and down like a brides nightie.

Also, how come Hector can tax me on money I make on interest but does not credit me when the bank charges me interest when borrowing money? Greedy fookers.

Your bank should send you an annual statement or something to show interest for tax purposes I think?

[Wilmslow]

Your Banks should send you a s352 for every account every year which show the consolidated figures.
Normally sent in May.
For some building societies like B&B you have to request them.
Alternatively phone them up and they will tell you the figures on the blower.

I used to work at the Nationwide - we could print a Section 352 certificate at any time.

Worth asking

[rootsnall]

As far as I can tell the wonderful expensive IR IT systems don't run any checks on this. For piddly amounts I either forget I have the account or just put an estimate to cover them and cover my arse incase I ever get audited. In Oz I missed some off and they sent me a letter within a month or so noting my missing interest on the return and what was I going to do about it.

[gadgetman]

I'm also having my accounts done at the moment and I have these certificates for both my accounts. However the interest surely just appears in the bank statements? Mine all appear as a credit immediately followed by a debit for the tax on them.

Thinking about it, if the interest is already taxed by the bank do I have to pay tax (CT) again as part of my overall profit? Or are they excluded from my gross profit figure?

Just realised, DimPrawn, I think you're talking about your personal tax return. I was referring to interest in company accounts.

[Jason]

Whenever I get a bank statement showing interest. I put it in my accounting spreadsheet.

Keeps things simple

EDIT: Just realised you were asking about personal accounts not company ones. I never bother with it.

[tim123]

As far as I can tell the wonderful expensive IR IT systems don't run any checks on this. .

Yes they do, just not on everyone, perhaps 1 in a 100.

tim

[VectraMan]

Thinking about it, if the interest is already taxed by the bank do I have to pay tax (CT) again as part of my overall profit? Or are they excluded from my gross profit figure?

Banks don't deduct tax on business accounts, only personal ones.

I've always had to phone up and ask Barclays ever year to tell me. They used to just tell me over the phone, but last year they insisted on sending me something through the post. This year will be the first time it'll be more than a couple of quid - I probably never should have bothered.

[gadgetman]

Mines does, every month!

Banks don't deduct tax on business accounts, only personal ones.