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 Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5141
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

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

This answer was rated:

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)
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. and other Tax Specialists are ready to help you
I thank you my answer.

Best wishes.