Spousal Social Security

Coming up on my wife being within 6 months of turning 62.....unless things have changed since last time I looked she was eligible for a share of my SS amount....yes?

I've been putting off finalizing my first UK self assessement paperwork. I thought I might owe about £500 after a full year of US social security plus interest from UK bank accounts. Although when checking the two 1 year bond accounts....the official paperwork doesn't show much of any interest  (even thought there was).....should I just apply with what the offical paperwork says? The SS amount put me a bit over the tax free limit....but using the marriage allowance discount I won't owe anything at all. .... ..... .....hmmm... ......

Coming up on my wife being within 6 months of turning 62.....unless things have changed since last time I looked she was eligible for a share of my SS amount....yes?

I've been putting off finalizing my first UK self assessement paperwork. I thought I might owe about £500 after a full year of US social security plus interest from UK bank accounts. Although when checking the two 1 year bond accounts....the official paperwork doesn't show much of any interest  (even thought there was).....should I just apply with what the offical paperwork says? The SS amount put me a bit over the tax free limit....but using the marriage allowance discount I won't owe anything at all. .... ..... .....hmmm... ......

Are you saying that the amount noted on your certificates of interest doesn't match the amount of interest you actually received?

Take this with a grain of SALT.....I've had beer.

When checking a month or so ago.....I had interest increases with our investments in 1 year bonds. But....when checking with the end of year statements from those same two companies......near nothing. I would assume.....if the self assessment folks check on my self assessment, that they would see the same thing. Yes? My wife is saying.....just put the damn thing in......if it isn't correct they will yell at you and tell you to fix it.

Take this with a grain of SALT.....I've had beer.

When checking a month or so ago.....I had interest increases with our investments in 1 year bonds. But....when checking with the end of year statements from those same two companies......near nothing. I would assume.....if the self assessment folks check on my self assessment, that they would see the same thing. Yes? My wife is saying.....just put the damn thing in......if it isn't correct they will yell at you and tell you to fix it.

If there is a discrepancy, it might be because the dates of your year end statements don't align with the UK tax year? I always ask for certificates of interest for the tax year I'm working on and declare that amount as they are specifically produced with filing a tax return in mind.

What I do is go through my statements and enter the interest payments into a spreadsheet (April to April ).  Each person is allowed £1,000 interest tax free every year so we split our accounts to ensure we minimize taxes.

If there is a discrepancy, it might be because the dates of your year end statements don't align with the UK tax year? I always ask for certificates of interest for the tax year I'm working on and declare that amount as they are specifically produced with filing a tax return in mind.

When looking at our 2 one year bond sites (I'll go back and double double check) the rollover dates are 1 March and I think May/June for the other one. The certificates aren't showing the interest.....the bigger bond certificate is showing £.05. 5 Pence!!. I printed off the certficate a few days ago and the date is from about 5 April 2020 to the same time 2021.

When looking at our 2 one year bond sites (I'll go back and double double check) the rollover dates are 1 March and I think May/June for the other one. The certificates aren't showing the interest.....the bigger bond certificate is showing £.05. 5 Pence!!. I printed off the certficate a few days ago and the date is from about 5 April 2020 to the same time 2021.

The UK tax year is April 6th to April 5th. How is the interest paid? Assuming that it's annually, you only need to worry about the first one as the second would fall in the 21-22 tax year.

Do you see a larger amount of interest credited to your account in the online account? Perhaps the 5p is some sort of adjustment on top of that. But the certificate of interest should show the whole amount of interest earned in the tax year to which it pertains.

Who is the provider? Have you called them yet? They should be able to explain the situation, but that depends on you getting to speak to someone who knows what they are talking about which doesn't always happen!

Coming up on my wife being within 6 months of turning 62.....unless things have changed since last time I looked she was eligible for a share of my SS amount....yes?

I've been putting off finalizing my first UK self assessement paperwork. I thought I might owe about £500 after a full year of US social security plus interest from UK bank accounts. Although when checking the two 1 year bond accounts....the official paperwork doesn't show much of any interest  (even thought there was).....should I just apply with what the offical paperwork says? The SS amount put me a bit over the tax free limit....but using the marriage allowance discount I won't owe anything at all. .... ..... .....hmmm... ......

I think you might be making this more complicated than it needs to be.

Since this is your first HMRC return you can choose to use the US calendar financial year so that your US statements such as SSB and 1099 show the exact figures for you to enter. ( we’ve been doing this for years)

I don’t find that our UK banks issue annual statements showing interest so I go through the monthly bank statements and tot up the totals. I recently started receiving OAP and didn’t receive a tax year-end statement or any statements so I’m having to also tot up the 4-weekly deposits to my bank account. I received a payment on April 8 for the  previous  4 weeks  but I will count that in for next year’s return since I received it in the 2021/22 tax year. HMRC can correct me if I am doing it wrong.

I don’t find that our UK banks issue annual statements showing interest so I go through the monthly bank statements and tot up the totals.

In my experience, some will send them out directly, some will have them available to print from the online account and some you have to call to request one to be sent.
The only accounts I've ever had a problem with getting certificates of interest for were (ironically) from NS&I. It took me many calls  to get them but eventually they sent me something which did the job.

In my experience, some will send them out directly, some will have them available to print from the online account and some you have to call to request one to be sent.
The only accounts I've ever had a problem with getting certificates of interest for were (ironically) from NS&I. It took me many calls  to get them but eventually they sent me something which did the job.

Speaking of NS&I interest, I finally won £25 this year, right after I cleared out most of my premium bonds to pay for the workshop roof.  Technically not interest, but... ?  What do we call it?  Prize?  (I know it's tax-free in the UK, but it's taxable in the US.)

Speaking of NS&I interest, I finally won £25 this year, right after I cleared out most of my premium bonds to pay for the workshop roof.  Technically not interest, but... ?  What do we call it?  Prize?  (I know it's tax-free in the UK, but it's taxable in the US.)

Yes, that's what they call it. Congratulations!

With Premium Bonds, there is no interest earned. Instead the interest rate funds a monthly prize draw for tax-free prizes. Remember that inflation can reduce the true value of your money over time.

https://www.nsandi.com/products/premium-bonds

Our regular bank is Lloyds. I went through and added all the little tiny minuscule bits of interest in our 2 accounts with them, it matched the end of year statement that they provide for taxes.

Our one year bond with the most money in it (about £170K) is with Investec. This account rolls over at the beginning of March. I'll just type below the 2 paragraphs of relevant info....
------------------------------------------------------------------------------------------------------------

Annual Interest Certificate for the period 6 April 2020 to 5 April 2021.

About your Annual Interest Certificate
Your Annual Interest Certificate outlines the interest you have received for the period 6 April 2020 to 5 April 2021.
For joint accounts, the interest stated below is the total amount received into the account during the period.
------------------------------------------------------------------------------------------------------------------------------
Gross interest received  GBP 0.05

Tax deducted - Nil

And....as part of my original post.....is my wife still eligible for the spousal social security? Unless something has changed I was going to start the application pretty soon since she turns 62 in May.

Our regular bank is Lloyds. I went through and added all the little tiny minuscule bits of interest in our 2 accounts with them, it matched the end of year statement that they provide for taxes.

Our one year bond with the most money in it (about £170K) is with Investec. This account rolls over at the beginning of March. I'll just type below the 2 paragraphs of relevant info....
------------------------------------------------------------------------------------------------------------

Annual Interest Certificate for the period 6 April 2020 to 5 April 2021.

About your Annual Interest Certificate
Your Annual Interest Certificate outlines the interest you have received for the period 6 April 2020 to 5 April 2021.
For joint accounts, the interest stated below is the total amount received into the account during the period.
------------------------------------------------------------------------------------------------------------------------------
Gross interest received  GBP 0.05

Tax deducted - Nil

When you say it rolls over, is it definitely a one year product which pays interest at the end of the year and it matured in March this year, or is it say a 5 year product which only pays at the end and it's just the anniversary that's in March?  Other than that I can't think what the reason would be, and that still wouldn't explain the 5p.
I would call them if I were you.

When you say it rolls over, is it definitely a one year product which pays interest at the end of the year and it matured in March this year, or is it say a 5 year product which only pays at the end and it's just the anniversary that's in March?  Other than that I can't think what the reason would be, and that still wouldn't explain the 5p.
I would call them if I were you.

Just a one year. I think we went over (on the joint £170,000 coverage) a ways last year and moved some money out of the account. They ask us every year what we want to do with the money.

Back to looking things up again since I need to send this in before the end of the month.....