Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Tue, 12 Dec 2023 14:45:51 GMT by Tanvir Hossain
Just a little confusion- I'm doing a self assessment for rental income. Total rental income £14400 Property Allowance £1000 Net income = 13400 personal Allowance = 12570 Total income on which tax is due= 830 _Tax Due = £166 Relief for finance costs = (756*20%)=151.20  Total Income Tax due = £14.80 Could you please confirm if the calculation is okay. I have claimed property allowance and mortgage interest as "Relief for finance costs". I would truly appreciate it if anyone could explain. Thank you

Name removed admin .
Posted Tue, 19 Dec 2023 09:18:12 GMT by HMRC Admin 5

We cannot comment on calculations, however, you have followed the correct calculation procedure, to arrive at the tax liability.

Thank you
Posted Wed, 20 Dec 2023 00:51:05 GMT by
This hasn't been picked up on it seems so just posting to make you aware you can either claim the property allowance or your expenses (such as mortgage interest). If you have claimed the property allowance then unfortunately you won't be able to claim a tax reduction on the mortgage interest.

You must be signed in to post in this forum.