question about interest earned from a savings account

F

fergal magee

Guest
hi , i'm self employed and i was thinking recently of putting all my money for tax into a savings account to earn interest. my question is would i have to declare interest earned(after dirt) as a source of income for tax purposes.
thanks
 
Are you a sole trader or limited company? Is it your personal remuneration or company funds going into the account? If it's your own money then DIRT at source is the full extent of your tax liability on interest earned. You may need to declare the savings and interest on your Form 11 return but there should be no further tax liability as far as I know. Ask your accountant for further clarification.
 
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