Saturday, March 07, 2009

Friday Grump

Like most people, I have a current bank account. Like most people, I keep the minimum amount of money in it. Like other banks, mine pays interest on the money in current accounts. It is, of course, a measly sum, but that is not my grump. My current account earns, say, £10 a year in interest. I have to pay tax on that. But nor is that my grump.
My grump is that the bank is required by the Inland Revenue to deduct tax from the interest paid. So - and we are coming to my grump - instead of my declaring £10 to the IR as part of my annual income, I have to declare:
Gross: 10.00 Tax deducted: 2.00 Net: 8.00.
So, not only do I have to enter THREE amounts instead of ONE, but the real nonsense is that the IR already has this information. What a waste of my and everyone else's time.
OK, that's it till next Friday. Have a nice weekend.

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