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Posted Wed, 11 Jan 2023 17:56:56 GMT by John Wills
Anyone's help would be greatly appreciated. I have a state and occupational pension and am also a partner in a very small student letting partnership. I am trying to complete my on-line filing of my 2021/22 tax return. The partnership section asks for the business profit - no problem - but the finance interest is categorised as a residential finance cost and is not deductible against rental income in calculating rental profits or losses - hence the partnership shows a profit for the purpose of the partnership tax return - although the finance costs more than wiped this out. However, I understand that relief is given as a basic rate tax credit against the income tax liability arising from the rental business profits which, if completing the tax return on paper would be put in box 41.1 and the carry forward in box 41.2 - in the on-line filing I cannot see any way of entering these finance costs. Please can anyone - hopefully HMRC Admin 19 - tell me how to do it please?
Posted Tue, 17 Jan 2023 15:29:23 GMT by HMRC Admin 19
Hi,

Within the online return partnership section, on page headed your share of untaxed income, sub headed income from UK property, the sixth box down is headed 'Residential property finance costs - available from box 26 on the partnership statement'

If you need further assistance with this you will need to contact our Self Assessment team.

Self Assessment: general enquiries

Thank you.

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