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Interest received on self-assessment tax return

A bit of a newbie question.

Is it necessary to fill in the bank interest bit of a self-assessment tax return? Obviously if a client has +£100s and is a higher rate tax payer it matters but if we are talking a normal person getting a pittance on a current account do I need to make them go to the trouble of working it out?

In other words, is there a de minimis level?

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No

There is no official de minimis, but in practice, it is 99p in total for all bank and building society accounts because everything up to that is rounded down to nil.

The trouble about taking a client's word that it is only pence is that it often turns out to be considerably more, so if it is a higher rate tax payer, you really ought to find out the correct amount.

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euan is right...i have found myself accepting that kind of low amount which is fine until you ask them to sign the return and point out the seriousness of leaving anything out... you would be surprised what can pop up just before signing ! 

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You should declare any interest of over £1.

HMRC are advised of interest payments received & if you have missed inteerst off of your return, even if there is no tax loss, you may end up with an enquiry as HMRC will want to know what else was not declared.

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