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Post Info TOPIC: Assumptions re bank interest for a sole trader
Jay3


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Assumptions re bank interest for a sole trader
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Hi All,

Nearly finished my accounts and I think they're correct too! Result :o)

Last question.....what assumption should I make re bank interest for a sole trader (hairdresser) who doesn't have a separate business account....it's impossible to determine what interest is based on funds from business activities or personal activities.

Any ideas as to how to best approach this?

Thanks

Jay3confuse



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kjmcculloch83


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Whats bank interest? This seems a strange concept...

Actually, for current accounts I don't know the last time I saw interest payments.

Kris

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RuthA


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Do you need to separate it out? The total interest needs to go through as such on her tax return so there is no need to put any of it in the business accounts.

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Shore Accounting
www.shoreaccounting.co.uk
Jay3


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Thanks.....just checked with her and bank interest is zero! Thanks both :o)

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Natlus


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The TAX rate may vary from one place to other, you should better consult your banker, ask him "what's the current interest rate ?"



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