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Posted Sat, 27 Jan 2024 12:45:52 GMT by
Hello As far as I can tell I have to enter my mortgage interest payments in the "Residential property finance costs: (optional)" section on the "Profits and losses for other property income" page of the Self Assessment tax form. I am wondering whether this would affect my "Adjusted profit for the year" and would mean I pay less tax? Any help greatly appreciated! Katy
Posted Wed, 31 Jan 2024 08:44:39 GMT by HMRC Admin 19

The mortgage relief is no longer an expense so does nOt affect any taxable profit received in respect of rental income. It is now given as a relief at 20%, restricted to any taxable profit declared, to reduce your tax bill only.

Thank you.

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