Tax year ends 28/2. I have a situation where the quarterly interest charge from the bank is from 17/12 to 16/3 and is deducted on the 30/3. How exact do my accrual figures have to be?
Would I have to work out the interest based on the account balance for each day as the bank does it, or is just dividing the total charge by 90 days and x74 for 17/12 to 28/2 acceptable?
And when we talk of particularly high, is that in relation to the general level of other expenses?
I think I'd just get a feeling if it was too high to just split into days and an accompanying guilt trip knowing I should really work it out properly.
I'm can see some argument for working this one out properly as most of the charge was incurred in the earlier parts of the chargeable period, with nothing later on. But the figure overall is still what I think is quite low, i.e. less than £200; and a lot of other expenses are £300-800.
