Tradefair & Financials
Welcome to Live View – Take the tour to learn more
Start Tour
There is currently 1 person viewing this thread.
I had money in a one yr fixed term savings account which matured in July. I had asked the bank in advance for the interest to be paid net but was told they could not do this.
Basically i received £2,800 in interest from this savings account for which i should have paid interest of 20% on.
I would like to sort this out but have no idea how i do so, especially with the tax year being different from the timespan of the savings account from which the interest accrued.
Do i need to fill in a lenghty form or can i simply sort this out. Also can i sort it out now or must i wait until just before the end of the tax year?
Thanks in advance.
Basically i received £2,800 in interest from this savings account for which i should have paid interest of 20% on.
I would like to sort this out but have no idea how i do so, especially with the tax year being different from the timespan of the savings account from which the interest accrued.
Do i need to fill in a lenghty form or can i simply sort this out. Also can i sort it out now or must i wait until just before the end of the tax year?
Thanks in advance.
Show More
the UK tax return has a section for interest paid both gross and net of tax
just fill this out (i'm assuming its UK tax that you are concerned about, from the 09-10 tax year)... and the calculation of what you owe should be fairly simple
there are many reasons why tax deducted at source from interest payments can be incorrect (non-residence, non-standard rate taxpayer, etc), so this is not an uncommon issue
of course, you could always just call HMRC for confirmation as well
just fill this out (i'm assuming its UK tax that you are concerned about, from the 09-10 tax year)... and the calculation of what you owe should be fairly simple
there are many reasons why tax deducted at source from interest payments can be incorrect (non-residence, non-standard rate taxpayer, etc), so this is not an uncommon issue
of course, you could always just call HMRC for confirmation as well
Post Your Reply
Please login to post a reply.
Wonder
Instance ID: 13539