Recording interest from PERSONAL bank accounts

TeaKayB

As a sole trader I need to report interest on my personal bank and savings accounts in my annual tax return rather than just the business ones, but the “interest received” section in Crunch Free only allows me to record this for the bank accounts that I have added as business bank accounts. I have a number of personal accounts that give me interest here and there and whilst in the past I’ve not been anywhere near the threshold for having to pay tax on it, with increasing interest rates I’m getting close. It would be good to be able to record this in Crunch Free, but does this mean I’d have to connect every single personal bank and savings account that use as a business account in Crunch?

Would this also mean that I’d have to reconcile the hundreds of payments I make per month across each of them that have nothing to do with my business?

Katie

Hi TeaKayB,

If you use a personal bank account to run your business, you can set this up in Crunch. You’d only reconcile the entries that relate to your business and skip everything else. The “Permanently ‘skipping’ an entry” section in this article explains how that works.

You do not need to set your personal bank account up in Crunch if the only relevant entry is interest received.

Currently, there isn’t an option to record interest received on a personal bank account in Crunch. If Crunch is preparing and filing a Self Assessment for you, we will ask for this information as part of our Self Assessment Questionnaire.

Hope this helps,
Katie

TeaKayB

Katie Thanks Katie, that makes more sense.

Essentially, then (just for complete clarity and potentially for anyone else who wanders this way in the future), I just have to keep track of interest payments for personal accounts via some other method.

Katie

Hi TeaKayB,

That’s right, personal interest will need to be tracked outside of Crunch.

For a lot of our clients, they receive little in personal interest so a spreadsheet with the amounts noted is sufficient to track this.

All the best,
Katie

If you're a small business owner who loves what they do, there's no better partner than Crunch. We help over 10,000 small business owners from across the UK manage their finances and grow their business. Learn more →

This forum is provided by Crunch. Crunch takes no responsibility and accepts no liability for any content submitted by users of this forum. Terms of Use →