Self assessment, mortgage interest - where does it go on the return now?

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

    Self assessment, mortgage interest - where does it go on the return now?

    Hi

    Im doing a provisional self assessment tax return for 2021 so I can calculate what I can reduce my July payment on account to.

    I can't find anywhere to put the mortgage interest payments. I remember there used to be a box the interest payments that were part of the allowance as it tapered down and a box for the remainder but now the allowance is zero I cant find it

    Any help gratefully received


    #2
    Send a letter to the Tax Office to explain reason why you intend to reduce the July 2021 tax payment.

    Comment

    Latest Activity

    Collapse

    • Reply to Expenses off-set against income tax
      by jpkeates
      It depends on your time scale - there's nothing fundamentally wrong with using rent income to create equity.
      It's just a longer term plan.

      If you sell you'll probably have the same early term penalty as changing product....
      29-07-2021, 17:57 PM
    • Expenses off-set against income tax
      by xenoid
      Hi All, I have a question that might have been asked but could find it here.. I am an overseas landlord with only one buy-to let property in the UK. My monthly expenses are more than the rental income so on an annual basis I make a loss. I understand that these expenses can be claimed against tax and...
      27-07-2021, 12:54 PM
    • Reply to Expenses off-set against income tax
      by xenoid
      aha.. that sounds like a plan. problem is I recently signed a re-mortgage for capital and interest. will see if they willing to change to interest only. alternatively sell the property. I was previously on an interest only at a worse rate and wanted to re-mortgage to a capital mortgage to pay loan of...
      29-07-2021, 17:36 PM
    • Good Accountant recommendations
      by Rav
      Look for a good accountant that can help me save tax. Set up a limited company recently and need good advice on the best way to save as much tax as legally possible....
      29-07-2021, 15:53 PM
    • Reply to Good Accountant recommendations
      by Gordon999
      You really need to visit a few accountant shops offering accounting, bookkeeping and VAT services, annual returns to Companies House located in your town or city suburbs and get their menu of services and fees....
      29-07-2021, 17:34 PM
    • SPV and Leases
      by Thurrock1
      My husband is one of three directors of a limited property development company that has converted a house to 3 flats. The flats are currently rented. Please can someone tell me if, in order to get leases on the flats, we have to at the same time put them into an SPV. To put them into an SPV will...
      28-07-2021, 20:38 PM
    • Reply to SPV and Leases
      by Gordon999
      1. The property development company has purchased one house ( held under freehold title ?) and converted the property into 3 flats.

      2. The 3 flats are now rented out by the property company which still holds the property under one freehold title. The problem in this situation is any borrowing...
      29-07-2021, 17:10 PM
    • Reply to Expenses off-set against income tax
      by jpkeates
      The mistake is to expect to make a profit with a capital repayment mortgage.

      If you're using the rent to build up equity, that's a perfectly sound plan, but it's almost impossible to make a decent annual profit at the same time (outside some quite specialist markets).
      If you want...
      29-07-2021, 16:34 PM
    • Reply to Expenses off-set against income tax
      by xenoid
      jpkeates,

      Indeed its a capital repayment mortgage at 3.09% (very high i know) .. not many lenders will to remortgage for overseas BTL at a good rate.. value of property is £330 000 and Rent £1250 increasing to £12750 in august... still not good enough for expenses. So I will sell the...
      29-07-2021, 11:44 AM
    • Reply to Expenses off-set against income tax
      by g373
      Yes, sell up....
      29-07-2021, 10:25 AM
    Working...
    X