sole trader – interest received on overpaid tax

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May 28, 2011 at 5:32 pm #48717
susu123
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For a sole trader, interest received on overpaid tax from HMRC is not taxable. Does that mean the interest won’t go in either trading income or interest income in income tax computation? Is it just not taxable anywhere at all?
May 28, 2011 at 6:07 pm #82556
Tax Tutor
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That is correct for a sole trader it is exempt income-but for a company it is taxed as interest income
Hope that helps
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