UK interest
Use the Interest page to record taxed interest, untaxed interest and interest from Government securities, other stocks and peer-to-peer loans. You can create as many interest pages as you require.
This section includes the following tabs. Click on a heading to find out more about the boxes on each tab.
Main Details
| Description | Enter a description of the source of the interest. This will appear on the UK Interest schedule. |
| Account number or reference | The number entered here will also appear in the navigator and on the UK Interest schedule. |
| Type of interest |
Use the radio buttons to identify the interest source. The choice of interest type will determine where on the tax return the figure of interest will be displayed.
|
|
Date started Date ended |
Use these boxes to note the start date and, if relevant, the cessation date of the interest source. |
| Held jointly | Select if the interest arises from a joint account. Enter the percentage share of the interest attributable to your client. The software will then calculate from the total interest the amount to be included on your client's return. |
| Held jointly with another Personal Tax client | Select if the joint account holder is also a client of yours. Click on the spyglass icon to browse to that client. You can only select this option if Held jointly has been selected. |
| Automatically update joint holder's details | Select if the joint account holder's information is to be updated with details entered here relating to interest from this source. You can only select this option if Held jointly with another Personal Tax client has been selected. |
Income
| Interest paid |
The radio buttons indicate whether the interest has been received by the client with or without tax deducted at source. Interest from savings, loans, purchased life annuities and peer to peer loans is always paid without tax deducted at source. Interest from unit trusts is always paid with tax deducted at source. Although interest from stocks and securities is usually paid without deduction of tax at source, it is possible in some instances for tax to be so deducted. For this reason, you have the option to select the radio button which reflects the correct tax position. |
|
Enter details on Receipts tab Enter totals |
There are two ways to enter details of the interest received and these radio buttons enable you to select your preferred option. Enter details on Receipts tab causes Receipts to appear alongside the Main details tab. Use the Receipts tab to enter multiple interest figures. Create additional rows on the tab by right-clicking and selecting Insert. Enter totals enables you to enter the total interest figure in the table immediately below the button. Both options will calculate the tax deducted at source and the client’s share of joint interest, where applicable. |
Amounts under the Accrued Income Scheme are returned on the Additional information pages (SA101). You should combine accrued income profits and losses to produce a net figure.
Where the profits exceed the losses, create a record in UK savings and investments > Interest and in Type of interest select Stocks and securities. In the Income section, enter the amount selecting Interest paid gross or net as appropriate.
Where the losses exceed the profits deduct the excess from the next gross interest payment received on the security entered in Interest. If the excess exceeds the income reduce the income to ‘0’. The excess loss can be carried forward and set against future accrued income profits.
How do I get here?
UK Savings and Investments > Interest