Bonus breakdown and HMRC?

How do i get a breakdown of how my bonus has accrued? Is it actually interest or a prmotional top up? The difference is quite key i think for dealing with HMRC and probably shoudl be made really clear and easily available on our accounts if we have to deal with HMRC…

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Annyone at Chip reading the forums ?

This is a subject that has come up several times before in other chats. If you use the search function in the forum and “bonus tax” you’ll see there are differing points of view. Calling HMRC or asking an accountant is the only definitive way of knowing.

I think you can request a summary via live chat in the app

As an accountant myself. Bonus interest is the same as interest so you will be required to declare it to hmrc if you do a tax return and goes towards your savings allowance which is £1000 for basic rate tax payers, and £500 for higher rate tax payers.

Hi there! If you able to email ‘hello@getchip.uk’ or use the Live Chat function within the app, we’ll be able to speak to you in more detail about this :slight_smile: