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Post Info TOPIC: interest earned on bank accounts
lor


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interest earned on bank accounts
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Hi there, just want to double check that when filing the tax return for se you need to put all interest received for the whole tax yr i.e. from 6th april 2009 to 5th april 2010, even if you just work as se for half the tax yr, is this correct and it isn't just your savings ac but also on your personal current a/c???

 

please correct me if I am wrong!



-- Edited by lor on Monday 26th of April 2010 04:22:46 PM

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Silly Digits


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Hi Lorraine

Yes you are correct, you need to put all the interest in the main tax return part for the whole of the tax year. If any interest has been deducted already you need to enter this also.

It is from savings and personal accounts. You don't need to include ISA's as tax free.

It may be worth looking at the self assessment guide as this lists what sort of things you have to include. I find this very useful.

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lor


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hi there are you saying that interest paid needs to be incl also and on which part of tax return???


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adi2402


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all interest received, ignoring tax exempt schemes, must be disclosed on the tax return. Any tax deducted at source should also be disclosed.

Only interest paid which relates to a taxable trade should be disclosed, generally as part of your accounts.



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Forgive the typo's I generally do not proof read. Just lazy I guess!
lor


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okay, thanks for your answer, I now understand.

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