Tax Credit for mortgage interest

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Matt799935
    replied
    Thank you for the explanation, much appreciated.

    Leave a comment:


  • jpkeates
    replied
    I may have misunderstood (and hope I have).

    When you submit your tax return you can only (for this tax year) claim for 50% of your finance costs.
    You then calculate your income tax and then deduct the restricted relief (20% of the remaining 50%) from that figure before you submit the return.

    If you submitted the return recently, HMRC will simply accept the return as submitted (unless they select it for review for some reason).

    Leave a comment:


  • Matt799935
    started a topic Tax Credit for mortgage interest

    Tax Credit for mortgage interest

    Hi
    I recently completed my tax form and included 50% of the mortgage interest in the form so that this can be deducted from the rental income. I’ve read that I should receive a tax credit relating to the other 50%. Does this tax credit need to be actively claimed or is this calculated automatically by HMRC?
    Thanks Matt

Latest Activity

Collapse

  • Is changing carpets to laminate flooring tax deductible?
    by anqi_z
    Hello,

    Carpets in a let property has worn out and I am considering to replace it with laminate flooring.
    Could anyone advise if this will be tax deductible (assume this won't be considered as improvement)?


    Thank you....
    25-05-2020, 19:16 PM
  • Reply to Is changing carpets to laminate flooring tax deductible?
    by Freeholder is king
    If your lease says that the floors need to be carpeted then you got no choice. If it does not then you can and the noise problem is not your issue it depends on what is in your lease. Yes
    31-05-2020, 11:23 AM
  • Reply to Is changing carpets to laminate flooring tax deductible?
    by Gordon999
    Carpets are better for sound insulation between ground floor flat and first floor flat in old house conversions.
    31-05-2020, 08:51 AM
  • Reply to Is changing carpets to laminate flooring tax deductible?
    by jpkeates
    I find that using expensive and long lasting underlay under cheaper carpet works best.
    It feels nice and luxurious and insulates well, and replacing the carpet is less traumatic on the bank balance.
    30-05-2020, 12:25 PM
  • Flipping a property
    by Gray
    My son and I are thinking of buying a property together and renovating it. We were intending to rent it out but now are thinking about just selling it again once work is finished. If we purchase property in three names (our’s and his partner’s), we would get three capital gains allowances is that...
    18-05-2020, 17:53 PM
  • Reply to Flipping a property
    by Jerome2020
    It's not strictly true that a company must be used where there are more than four owners. Where there are more than four parties with an interest in a property, the first named four are treated as holding the land on Trust for the remaining beneficial owners; good documentation is essential to avoid...
    30-05-2020, 11:56 AM
  • Reply to Is changing carpets to laminate flooring tax deductible?
    by blinko
    Yeah I prefer carpet too, but the rate at which tenants seem to be able to destroy carpet compared to laminate.....
    30-05-2020, 11:50 AM
  • Reply to Is changing carpets to laminate flooring tax deductible?
    by Lawcruncher
    Funny how fashions change. Fifty years ago having fitted carpet had a social cachet, now everyone wants laminate flooring. I know it looks nice, but so do carperts. It is fine in a conservatory with cane furniture, but it makes a lounge look clinical. It also increases your central heating costs.
    30-05-2020, 07:51 AM
  • Reply to Flipping a property
    by Gordon999
    Land Registry only allows 4 names maximum on the property title.

    If more than 4 names , you would need to register under company name and the members in the group become shareholders.

    The members can be shareholders with one £1 share each and the company borrows the funds...
    30-05-2020, 05:59 AM
  • Reply to Flipping a property
    by jpkeates
    If the property title was a joint tenancy, anyone not contributing to the purchase would have received the ownership as a gift and would be an owner as a matter of fact.
    29-05-2020, 16:26 PM
Working...
X