How to Add Bank Interest

Add Bank Interest

1. Open the Interest from UK Banks etc section.

2. Enter the name of the lender in the Bank/lender name field or click  to select an existing bank or building society from your Contacts.

Note: If you create a new bank or lender by typing in the name of the bank or building society in Bank/lender name, then this entry is only available for the selected Client and Source year. To replicate the details for the next tax year you can roll forward the entries either in bulk as part of a bulk tax return roll forward or you can roll forward on a client by client basis for each tax year.

3. (Optional) If the account is shared, click in the Joint? column next to the account name.
   The Joint Source window appears.

   

    

• Complete the Joint Source window.

4. Enter the interest received in Amount Received.

5. (Optional) Complete the following account related fields:

• Account name  - Enter the name of the account holder for example Simon Smith.
• Account number  - Usually 8 digits.
• Bank sort code - Usually 6 digits.
• Alternate lender code - Enter a unique code to identify this lender/branch.
• Date opened - Enter the date that account was opened by the institution. This date must not be after the end of the current tax year or the date closed.

The total interest received and tax paid appear in the Summary panel at the bottom of the Interest from UK Banks etc tab.

2016 and earlier tax years

Prior to 2017, either Net or Gross interest may be reported. By default Personal Tax treats the Amount received as Net interest, and automatically calculates the amount of Tax paid. If required, interest may be reported as gross by ticking the Is Paid Gross? check box for each relevant account.

For gross paid accounts, if the account has been certified with the lender this is indicated by ticking the Certified not liable to tax? box