Tax Returns - Where do I find my UK Interest

[FTMF30]

This is my first time completing a self assessment. It's been plain sailing but I'm really unsure about this part of the form:

*"You have said that you received UK interest in the tax year 6 April 2019 to 5 April 2020. Please complete the following questions.

The answer to these questions can be found in your statement from the interest payer.

The Taxed UK interest worksheet will calculate the amount of interest and will be helpful if you have more than one account.

Taxed UK interest etc. Enter net amount after tax has been taken off: (optional)"*

I'm not sure I did say I received UK interest. I've tried looking at my bank statements but can't find the information. Do I actually need to complete this section if I haven't had that much savings interest? How do I figure out net amount after tax has been taken off? Surely you don't get tax taken off within the savings account? . Am I looking in the wrong place (my online bank statements)?

Please help!

Your bank will be able to provide you with a certificate of interest. Some savings accounts ( not ISAs) do deduct tax before paying interest (the difference between the gross and net rate)

You need to declare any interest you've been paid on a current account, savings account etc unless it's been taxed at source. ISAs and a few other types of savings are tax exempt.

For example if you received £100 interest from a Barclays savings account that is taxable. If Barclays taxed it and gave you the remainder then no need to declare. If you received the whole £100, your return is how you make sure you pay the correct tax.

Most bornla bank interest is not taxed at source any more.

Regardless of whether it is taxed at source it has to go onto your return (along with the tax deducted if there is any).

It will be on your bank statements, you bank may out a summary for the tax year on a statement after 5 April, or you should be able to request a summary from them.

Normal -bornla-

Ok. Thanks for the replies! Think I'll contact my bank for a summary/annual statement of some kind. I can only access monthly statements online and that leaves room for miscalculations.

If you have online banking look in your letters and statements section. I got our current account interest statement from Santander a few days ago.

Interest is untaxed these days because everyone has an allowance depending on how much you earn, it's £1000 pa for standard rate taxpayers, £500 for higher rate tax payers and maybe nothing for very high earners so bearing in mind that interest rates are now so low, almost no-one pays tax on savings interest.