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Atom tax statements
Atom tax statements
/RANT ON
I found today that Atom Bank do not give out tax year statements. WHAT!!!
AFAICS they are the only bank that does not comply with what I assume is HMRC requirements.
What a pain.
/RANT OFF
I found today that Atom Bank do not give out tax year statements. WHAT!!!
AFAICS they are the only bank that does not comply with what I assume is HMRC requirements.
What a pain.
/RANT OFF
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- Lemon Quarter
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Re: Atom tax statements
Can't remember the the last time I got a tax statement for any of my interest earning accounts, held with 4 different banks.
Slarti
Slarti
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Re: Atom tax statements
Slarti wrote:Can't remember the the last time I got a tax statement for any of my interest earning accounts, held with 4 different banks.
If there's online access, there's likely to be something on the website, even if they don't send out any paper. It might be worth a formal complaint as there's a general belief that supplying a certificate is a legal requirement. In context of the current tax rules, all it tells you is the interest paid, but you would need to fill that in if required to submit a Tax Return. They are also probably required to tell HMRC the amounts of interest paid.
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- The full Lemon
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Re: Atom tax statements
organum wrote:/RANT ON
I found today that Atom Bank do not give out tax year statements. WHAT!!!
AFAICS they are the only bank that does not comply with what I assume is HMRC requirements.
What a pain.
/RANT OFF
Nobody routinely issues "Tax Statements" anymore. Since the Osborne changes to the taxation system, what's the point? Indeed, how can they?
Surely they issue an "Interest Paid" statement, or show it online? The rest is between you and the HMRC.
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- Lemon Half
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Re: Atom tax statements
XFool wrote:Nobody routinely issues "Tax Statements" anymore.
You get a statement of interest (and tax) though, from established providers at least. It saves downloading a year's worth of statements and having to add up the interest postings.
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- The full Lemon
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Re: Atom tax statements
Alaric wrote:XFool wrote:Nobody routinely issues "Tax Statements" anymore.
You get a statement of interest (and tax) though, from established providers at least. It saves downloading a year's worth of statements and having to add up the interest postings.
How? When the "established providers" don't know how much tax you have paid, or need to pay? It's not their concern. YOU pay your tax, Atom bank pays Atom Bank's tax. Statement of Interest, yes. Statement of Tax, no.
I can't see I'm missing anything...
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- Lemon Half
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Re: Atom tax statements
XFool wrote:Alaric wrote:XFool wrote:Nobody routinely issues "Tax Statements" anymore.
You get a statement of interest (and tax) though, from established providers at least. It saves downloading a year's worth of statements and having to add up the interest postings.
How? When the "established providers" don't know how much tax you have paid, or need to pay? It's not their concern. YOU pay your tax, Atom bank pays Atom Bank's tax. Statement of Interest, yes. Statement of Tax, no.
I can't see I'm missing anything...
The wording in the OP itself, rather than the briefer Subject header. Tax year statements as against tax statements.
Issue, mountain, molehill.
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Re: Atom tax statements
PinkDalek wrote:The wording in the OP itself, rather than the briefer Subject header. Tax year statements as against tax statements.
OK. Perhaps I shouldn't be so quick off the mark.
However:
I found today that Atom Bank do not give out tax year statements. WHAT!!!
AFAICS they are the only bank that does not comply with what I assume is HMRC requirements.
Seems to imply Tax Statements to me, as surely every bank tells you how much interest you have earned, if only in the normal account statements?
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- Lemon Quarter
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Re: Atom tax statements
Alaric wrote:Slarti wrote:Can't remember the the last time I got a tax statement for any of my interest earning accounts, held with 4 different banks.
If there's online access, there's likely to be something on the website, even if they don't send out any paper. It might be worth a formal complaint as there's a general belief that supplying a certificate is a legal requirement. In context of the current tax rules, all it tells you is the interest paid, but you would need to fill that in if required to submit a Tax Return. They are also probably required to tell HMRC the amounts of interest paid.
Before any formal complaint it would make sense to find out if it is still a legal requirement to issue a statement of interest.
A quick check shows that Tesco bank has this available online and some others do say they send an annual statement of interest.
My cashflow spreadsheet automatically generates this for me so I never really thought about getting, or otherwise, statements.
Also, is Atom actually a bank? If not then the rules would be different.
Slarti
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Re: Atom tax statements
I don't believe there ever was a requirement to provide a statement of the interest paid. There was (is??) a requirement to provide a Certificate of the Income Tax deducted from savings. I'm not clear if that requirement has been abolished, but it seems likely given that tax in no longer deducted at source from savings income (since 2016).
Yes Atom is a bank - it's legal name is Atom Bank plc, and covered by the FSCS compensation scheme.
According to the T&Cs for Fixed Saver accounts (the only current savings product):
Yes Atom is a bank - it's legal name is Atom Bank plc, and covered by the FSCS compensation scheme.
According to the T&Cs for Fixed Saver accounts (the only current savings product):
[Statements].... will be issued annually on the anniversary of account opening (if you choose a product with a term of at least one year) and/or at the end of your product term. If your account is opened on 29th February, your statement(s) will be issued annually on 28th February.
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Re: Atom tax statements
chas49 wrote:I don't believe there ever was a requirement to provide a statement of the interest paid. There was (is??) a requirement to provide a Certificate of the Income Tax deducted from savings. I'm not clear if that requirement has been abolished, but it seems likely given that tax in no longer deducted at source from savings income (since 2016).
Well quite.
IMO the OP has not made the situation clear. e.g. Is this an account that pays out interest monthly, quarterly, bi-annually, annually? What actually is the problem?
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- Lemon Half
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Re: Atom tax statements
I normally submit my self assessment tax return on the 6th April. With the best will in the world no bank is going to be able to get a tax year statement to me in time, so I know I have to take it on myself to count up any interest received.
Scott.
Scott.
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Re: Atom tax statements
Interest Certificate or Summary of Annual Interest are this, well last, years trendy names. Some banks send them with statements, some have to be prodded but I've yet to come across one that won't when asked, even if you just ask for a cert for every account in your name which paid interest during the last tax year.
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Re: Atom tax statements
swill453 wrote:I normally submit my self assessment tax return on the 6th April. With the best will in the world no bank is going to be able to get a tax year statement to me in time, so I know I have to take it on myself to count up any interest received.
Wow, I thought I was good getting my tax return submitted before the end of May. Isn't that a little risky though? What if you submitted a gain or loss and then made a trade in the same security before May 5th, which would change the way that gain is computed? What if a trade on April 5th gets DK'ed a few days later?
But anyway and on the topic, I also have never had a certificate of interest paid (or whatever it is called) for a few years now. My bank (NatWest) told me they only issue them if it is a significant amount of interest which, given their lousy savings rates, it isn't. Or they will issue one upon request.
That said NatWest do have a handy "interest paid to date this tax year" (or some such) entry on their monthly bank statements. So a single glance at the last statement of the tax year gives both the number you need and the proof it is right.
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Re: Atom tax statements
Lootman wrote:swill453 wrote:I normally submit my self assessment tax return on the 6th April. With the best will in the world no bank is going to be able to get a tax year statement to me in time, so I know I have to take it on myself to count up any interest received.
Wow, I thought I was good getting my tax return submitted before the end of May. Isn't that a little risky though? What if you submitted a gain or loss and then made a trade in the same security before May 5th, which would change the way that gain is computed? What if a trade on April 5th gets DK'ed a few days later?
All my investments are in tax-sheltered accounts, and have been for at least a decade.
My tax position for the year is fully settled at midnight on the 5th April, so no need to delay.
Scott.
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- Lemon Slice
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Re: Atom tax statements
Agree with others that all that is required is to declare the interest that has been paid.
In my experience many banks don’t issue annual interest statements without prompting, but none has refused. Since I have several savings accounts linked to my current account paying pennies of interest, it’s easier to ask for a summary than plough through 12 months of statements.
In my experience many banks don’t issue annual interest statements without prompting, but none has refused. Since I have several savings accounts linked to my current account paying pennies of interest, it’s easier to ask for a summary than plough through 12 months of statements.
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