The Student Room Group

Unearned income

I think I might have misinterpreted a question on the application but I'm not sure. It asks about any unearned income including interest from savings. I have some inheritance money in one of my bank accounts that currently earns roughly £40 of interest per month. I included this in my application, but they are now asking me for evidence, and I don't have anything on the list (Self Assessment Tax Return, Self Assessment tax calculations, Tax calculations, Confirmation from accountant of income from all sources, Copy of rent book, Copies of dividend statements, Shares). I thought they would just want to see bank statements or evidence of the type of saver account that the money is in and what the current interest rates are.

Is it only taxable unearned income that SF want to know about? I just read on the moneyhelper website that 'up to £5,000 of the interest received from savings can be tax-free', which I did not know about. I'm honestly so clueless about this sort of thing (if that wasn't obvious already)

Will I have to phone up and explain and get them to amend my application?
Original post by zachbraffsipod
I think I might have misinterpreted a question on the application but I'm not sure. It asks about any unearned income including interest from savings. I have some inheritance money in one of my bank accounts that currently earns roughly £40 of interest per month. I included this in my application, but they are now asking me for evidence, and I don't have anything on the list (Self Assessment Tax Return, Self Assessment tax calculations, Tax calculations, Confirmation from accountant of income from all sources, Copy of rent book, Copies of dividend statements, Shares). I thought they would just want to see bank statements or evidence of the type of saver account that the money is in and what the current interest rates are.

Is it only taxable unearned income that SF want to know about? I just read on the moneyhelper website that 'up to £5,000 of the interest received from savings can be tax-free', which I did not know about. I'm honestly so clueless about this sort of thing (if that wasn't obvious already)

Will I have to phone up and explain and get them to amend my application?

Hi Zach,

We would suggest writing this in a letter explaining the mistake and upload it online in your account. The team will then update this for you.

Thanks,
Claire
Reply 2
Original post by Claire SFE
Hi Zach,

We would suggest writing this in a letter explaining the mistake and upload it online in your account. The team will then update this for you.

Thanks,
Claire


Hi Claire, where can I upload this? The only places to upload a document is under 'upload your supporting evidence' for the thing I don't have evidence for.
Original post by zachbraffsipod
Hi Claire, where can I upload this? The only places to upload a document is under 'upload your supporting evidence' for the thing I don't have evidence for.

Hi there,

That's the right place to upload it, rest assured. We have a team that checks uploads to make sure it goes to the right assessor.

Thanks, Graeme

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