Tax Credits and Savings

Options
Hello,
I am a single mum looking into Tax Credits.
1) I have money invested in a 6 year savings account. I do not physically get given any money from any interest from the account except at the end of 6 years where there will be some sort of dividend.
How do I declare this to HMRC when claiming? (When I finally got through to them after 20 mins waiting, the explanation was as clear as mud!!!).
2) Would it be better to put the savings into Premium bonds??? someone mentioned I would be better off???
Any help gratefully accepted.

Comments

This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.8K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 236K Work, Benefits & Business
  • 609.1K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards