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Posted Thu, 12 Dec 2024 11:27:55 GMT by Phil Cook
Hi There, Please could you advise if I need to enter my mortgage payments onto my self assessment for my rental property or are they completely irrelvant? I seem to be seeing contradictory advice when I search for it. Please could you advise? I know its not an expense anymore but can I claim anything and do I need to enter anything on my assessment for it? Thank you
Posted Wed, 18 Dec 2024 11:11:45 GMT by HMRC Admin 17 Response

Hi,
 
You do not need to but you can enter the interest on the mortgage, not the total mortgage payments,
of the rental property in box 44 of the SA105. 

The tax that you pay would be lower by utilising this box. 

The reduction is the basic rate value currently 20%v , of the lower of Finance costs - costs not deducted from rental income
in the tax year this will be a proportion of finance costs for the transitional years , plus any finance costs brought forward. 

The rental property business profits - the profits of the property business in the tax year after using any brought forward losses . 

Adjusted total income - the income after losses and reliefs, excluding savings and dividend income , that exceeds your personal allowance.

Thank you .
Posted Wed, 18 Dec 2024 12:36:00 GMT by Clive Smaldon
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