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If I have an arrangement whereby I lent money to a friend at

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If I have an arrangement whereby I lent money to a friend at an agreed rate of annual interest, but tax year just gone no payments were made towards the principal or the interest, should I declare the interest due as if it had been paid to me, or only declare such interest when it has actually been paid. (It is a bridging loan connected to a house sale, so the interest and principal will be paid in one lump sum once the sale has been completed)
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
and welcome to the site. Thank you question.

You should declare interest when received by you and not when receivable.

I hope this is helpful and answers your question.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4803
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Expert:  taxadvisor.uk replied 1 year ago.
I thank you my answer.

Best wishes.

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