Short tax return

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    Short tax return

    I have one letting property. I have always used a short tax return which has been fine for giving totals of rent and costs inc mortgage interest. Now that the allowance for mortgage interest is reducing by 25% every year how do I show the figures? Whichever tax return I use, do I do the calculations and show the 75% of interest or do I show the total interest and leave it to HMRC to adjust?
    Apologies if this has been asked before.
    Sam

    #2
    When you checked against Theresa's document here, what did you conclude? What total profit & what total rental income please?
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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      #3
      Sorry artful, I don't understand why you are asking me that. I haven't checked against Thersa's document (what is that?). I just want to know how I show the reduced mortgage interest claim against profit.
      Thanks
      Sam

      Comment


        #4
        Apologies, I failed to include Theresa's link:
        https://www.gov.uk/government/public...rn-notes-sa210

        Just done my draft submission: In a state of shock regarding estimated payment required 31/01/2018.
        I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

        Comment

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