Statements: interest calculation: interest on brought forward statements
Only pre-April 1997 statements were issued in the Brought Forward style. All statements issued to taxpayers from April 1997 to June 2006 use the Open Item style, and from August 2006 statements are in either Open Item style or Simple Statement format. Function VIEW STATEMENT displays all statements in the Open Item style including those printed and issued in Simple Statement format or Brought Forward style. All screen prints of statements and statements produced using the SEES Statement facility, are also produced in open item format.
Before a Brought Forward statement was issued the interest position on the taxpayer’s SA record was reviewed. As a first step, the interest due on all interest bearing current liabilities was determined to the statement date.
The interest due for this statement period was then calculated as the total of
- All the interest accrued to date on current liabilities, and
- Interest charges raised less any interest discharges during the statement period
- The total interest calculated for the statement period for each previous statement issued
The calculated interest on a Brought Forward statement was described as ‘Interest this period’. The calculated amount included both interest that had been charged and accruing interest.
Any interest charged or accruing can be viewed using function VIEW STATEMENT. More information about interest is provided in section ‘Interest’ in business area ‘Int/Pen/Surcharge’ (SAM60000 onwards).
|1.||Where interest that has been charged is included in the calculation, it is only the part relating to this statement period which is included in the calculated amount|
|2.||An interest charge does not appear as a transaction on the statement|