This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

self assessment woes- help please!

Mikezoe65
Posts:4
Joined:Mon Mar 11, 2019 4:39 pm
self assessment woes- help please!

Postby Mikezoe65 » Sun Apr 07, 2019 12:33 pm

I’m trying to complete my SA for the tax year just ended but the online SA forms seem to have changed markedly since last year.
1. I can’t work out how I record interest from UK building societies as I received more than the £1000 threshold and a sum of £800 received after tax at 20% had been taken off at source.

The two boxes are
Taxed UK interest etc. Enter net amount after tax has been taken off.
Here I put £800 (£200 deducted at source)
Untaxed UK INTEREST. ENTER TOTAL AMOUNT
Here I put £224 as the actual sum was £1224.
Not sure whether I should put the full £1224 here?

I’ve been trying to send two pdfs in any other information but a red message keeps coming up saying the files are not correct and have to be PDFV1 but how do I convert my files to this version on my iPad Pro or on my pc?

darthblingbling
Posts:698
Joined:Wed Aug 02, 2017 9:09 pm

Re: self assessment woes- help please!

Postby darthblingbling » Sun Apr 07, 2019 12:50 pm

UK banks pay interest gross. They stopped withholding basic rate tax a few years ago

D&C
Posts:61
Joined:Thu Dec 22, 2016 10:04 pm

Re: self assessment woes- help please!

Postby D&C » Mon Apr 08, 2019 8:02 pm

There is no "allowance" for interest.

Some (or all) of the interest may be taxed at a 0% tax rate but that is different to there being an allowance.

You have to declare the £1,224.

darthblingbling

Although abnak have stopped deducting tax from normal deposits they do still deduct tax from the interest element of PPI payouts. Not sure if this is the type of income the op is referring to but it might be.

D&C
Posts:61
Joined:Thu Dec 22, 2016 10:04 pm

Re: self assessment woes- help please!

Postby D&C » Mon Apr 08, 2019 8:03 pm

Should have been

Although banks have stopped deducting tax from normal deposits they do still deduct tax from the interest element of PPI payouts. Not sure if this is the type of income the op is referring to but it might be.

Mikezoe65
Posts:4
Joined:Mon Mar 11, 2019 4:39 pm

Re: self assessment woes- help please!

Postby Mikezoe65 » Tue Apr 09, 2019 9:00 am

Thanks for replies. I put the £1224 not £224.
Regarding submission of pdfs, I solved the problem by firing up my old Dell desktop running Windows7 and converting scans using a piece of windows freeware called PDF24. The resultant pdfs although V2 uploaded fine.


Return to “Income Tax”