How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4337
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

Tax credits my husband and I earn under 20 k together and

Resolved Question:

Tax credits
my husband and I earn under 20 k together and recieve tax credits and child tax credits.we have been gifted 200k to buy a house LAST YEAR. .
The interest as we haven't invested well has been less tha 1200 so 600 each . For tax year 16-17.
I FILL MY OWN tax returns will this be the only place I will inform the income tax and tax credits as there is
No other area box to tell them my new savings amount appeared and is now being used to cover daily expenses.
Where and what are the areas of caution as to not affect my tax credits I need to take.
Submitted: 1 month ago.
Category: Tax
Expert:  bigduckontax replied 1 month ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

There is no requirement to declare the principal sum invested, just the interest earned thereon if any. The first 1K of interest is not taxable in any event.

I do hope that you have found my reply of assistance.

bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 1 month ago.

Thank you for your support.