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: 5142
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

I wonder if you could please advise me over the following

This answer was rated:

I wonder if you could please advise me over the following query?
I have recently sold my property and am thinking about investing the money from the sale of my property in a National Savings Income Bond.
I am a taxpayer, in full - time employment and I understand that with a National Savings Income Bond tax on the interest that I would earn would not be automatically deducted, so I would need to declare the interest to HM Revenue and Customs myself and then pay any tax due.
I would be grateful if you could please tell me how I should go about declaring to HM Revenue and Customs any such interest that I would earn?
(I have tried looking on the HM Revenue and Customs website but I found it very confusing!)
Thank you
Lucy, thank you for your questionYou would report interest received from National Savings & investment accounts in Box 2 (gross amount received) of the main tax return under UK interest etc.More information on this can be found on Page TRG4 of Tax Return notes here I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond. and other Tax Specialists are ready to help you
I thank you for accepting my answer.
Best wishes.