Accounting for Monthly Account Fees

[Darren_]

Hello,
I'm self-employed without employer, filling out my SA for the first time for 2014/15. My question is related to the monthly account fees on current accounts and interest.

I use a 123 account offering 3% interest with a monthly fee of £5 for my personal savings account. Also a NatWest business account promising fee's for the year coming.

I'm slightly confused by my own question, but am I able to account for monthly account fees and business fees? And how is this accounted for?

Thank you.

 

[Scalloway]

Interest received on your personal savings goes in the Interest and dividends from UK banks, building societies etc section on your self assessment form.

If you are being charged for your business bank account those charges go under Interest and bank and credit card etc. financial charges.

 

[Darren_]

Thank you Scalloway,
What about account fees in the 123 personal account?
The conflict is whilst the interest received on the personal account is declared, is it not possible to declare the account fee also?
In essence whilst the account my receive £20 interest /mth, the £5 fee means I only benefit by £15.

I assume HMRC are not interested in my account fees, but thought I'd ask.

 

[MyAccountantOnline]

Thank you Scalloway,
What about account fees in the 123 personal account?
The conflict is whilst the interest received on the personal account is declared, is it not possible to declare the account fee also?
In essence whilst the account my receive £20 interest /mth, the £5 fee means I only benefit by £15.

I assume HMRC are not interested in my account fees, but thought I'd ask.

I understand what you are saying but you cant net the figures.

The fee you pay can only be claimed if its an expense incurred wholly and exclusively for the purpose of your trade.