Where do you put interest on a business' current account on your self employed tax return? Do ytou lump it in box 3.29 as Sales/business income? Or is it classified as unearned income and put somewhere else?
Thanks
Jon
Interest on Business Current Account
Jan 27, 2005
2 Replies
Yes. If you're a standard rate taxpayer, it should be taxed at 20% instead of 22%, and should in any case not be subject to NI so, as SA103 notes explain, it should go in box 3.50 and then subtracted out by also being put in box 3.71, so that the figure does not contribute to the total in 3.73.
Instead, it should appear in the answers to question 10 in the main part of the tax return.
The same place as interest on any other bank account.
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