The current tax year ends on 5 April 2017, and if you need to fill out a self assessment tax return, we’ll provide you with the information you need to easily declare the interest you’ve earned from RateSetter.
Thanks to the Personal Savings Allowance, which allows basic and higher rate taxpayers to earn up to £1,000 and £500 in interest respectively, tax-free, most investors will not need to pay tax on the interest they earn through RateSetter.
However, if you do need to fill out a self-assessment form, you’ll want to download a copy of your RateSetter tax statement, which you can do for free in the RateSetter member area.
Do I even need to do this?
Many people do not need to fill out a tax return at all: the list of criteria is at https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return.
To summarise, it’s likely that you’ll need to fill out a self assessment if you are self employed or earn a significant amount of income outside of your main job. However, it depends on your individual circumstances so do check: there’s a useful Government tool here which will allow you to quickly make sure.
Where can I find my RateSetter tax statement?
Firstly, log into your RateSetter account. On the left-hand menu, you’ll see a link to your Tax Statement, and clicking it will take you to a page which will allow you to view your most recent statement – you’ll also be able to generate a summary for previous years. Your 2016-17 tax statement will be available from 6 April 2017.
The statement will state the amount of interest that you have earned via RateSetter in the tax year, and will confirm that no tax has been withheld.