720 question - closed account.
#1
720 question - closed account.
If an account that had previously been declared was closed in 2018 (a fixed term savings account for example) should the closure be declared? If so I guess that would be by entering it again with a zero final balance, or is there a box to tick?
Last edited by rafikiphoto; Feb 22nd 2019 at 1:34 pm.
#2
BE Forum Addict
Joined: Aug 2009
Location: Costa Blanca
Posts: 3,142
Re: 720 question - closed account.
#3
Re: 720 question - closed account.
Thanks you. Much appreciated. Yes it does in part:
You are no longer the owner of the aforementioned assets (sale, transfer, etc., even if you made a loss).
I'd be interested to know how one shows it as closed. I'm not familiar with the form as I have had an accountant fill it in on my behalf in the past but with just one entry to be made I thought I might have a go myself - or must all assets in that class currently held also be entered again?
You are no longer the owner of the aforementioned assets (sale, transfer, etc., even if you made a loss).
I'd be interested to know how one shows it as closed. I'm not familiar with the form as I have had an accountant fill it in on my behalf in the past but with just one entry to be made I thought I might have a go myself - or must all assets in that class currently held also be entered again?
#4
BE Forum Addict
Joined: Aug 2009
Location: Costa Blanca
Posts: 3,142
Re: 720 question - closed account.
Sorry don't know any more details as I do not need to go through this process.
#5
Forum Regular
Joined: Aug 2018
Posts: 284
Re: 720 question - closed account.
Is the account closed or simply empty? If it is active you don't need to declare it. I have a premium bond account that is not closed but has a balance of zero and my accountant confirmed that I didn't need to submit a new 720
#8
Re: 720 question - closed account.
I'd be interested to know how one shows it as closed. I'm not familiar with the form as I have had an accountant fill it in on my behalf in the past but with just one entry to be made I thought I might have a go myself - or must all assets in that class currently held also be entered again?
#9
Forum Regular
Joined: Aug 2018
Posts: 284
Re: 720 question - closed account.
You should really go to a professional