Why Do I Need An HSBC Certificate Of Interest?
By
HuutiMoney
If you have a bank account with HSBC and are wondering whether or not you need a Certificate of Interest at the end of a tax term, you will find guidance through the following blog post. While our primary focus will remain on answering the question of why someone needs an HSBC Certificate of Interest, we will also share some details regarding important documents required at the end of a tax term.
Why Do I Need An HSBC Certificate Of Interest?
You need a Certificate of Interest from HSBC to show the amount of interest you’ve received in the previous tax term while you file your tax returns under the self-assessment process.
A Certificate of Interest is issued by banks to their account holders to provide details of the amount of interest the account holders have received in their bank accounts while using their banking services.
Some banks provide an annual summary of interest to their account holders at the end of the tax term while others provide a Certificate of Interest on request. This is an essential document for individuals who need to file their tax returns through self-assessment.
If you are an account holder with HSBC and need to get a copy of your Certificate of Interest, you can either send them a secure e-message through the HSBC online banking portal or by using the chat option in the mobile banking application.
It usually takes the bank 7 working days to process your request. If you need a Certificate of Interest for the 2021/2022 tax term, you should apply for your Certificate of Interest at the earliest as the deadline for filing your tax returns online for the previous tax term is January 31st 2023.
What Other Information Do I Need To Provide To File A Tax Return?
If you need to file a tax return through self-assessment, you will need to declare the following information to the HMRC in addition to the HSBC Certificate of Interest:
- dividends
- partnership income
- pension income
- rental income
- foreign income
- employment income (if you’re also employed)
- taxable company benefits (if you’re also employed)
- pensions contributions
- Gift Aid
- payment on account
- redundancy lump payment or unemployment benefit
- capital gains
How Do I Know If I Have To File A Tax Return Through Self Assessment?
If you are not paying your taxes through your wages under the PAYE system and fall into any of the below-listed categories, you need to file your tax returns through self-assessment:
- a sole trader with an income of more than £1,000
- a partner in a business partnership
- getting an income by renting out a property
- receiving tips or commission
- earning through investments, savings and dividends
- receiving a foreign income
If you are still not sure, you can check if you need to send a Self Assessment tax return on the Government’s website.
Conclusion:
We’ve come to learn through the above discussion that you need an HSBC Certificate of Interest to provide details of the amount of interest credited to your bank account at HSBC during a given tax term. This is key information required by individuals who are filing tax returns through self-assessment.