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  • RE: HMRC cheque for tax refund

    Hi Vinicius,

    If you are unable to cash the cheque you can nominate someone to receive a replacement cheque for you. 

    Income Tax: general enquiries

    Thank you. 

  • Mortgage interest - tax relief?

    Hi hcgkng,

    We would advise that an interest only mortgage is claimable, not as an expense, instead as a basic rate reduction to be used against your liability and inserted in box 44

    "Residential property finance costs".

    Further guidance here:

    Tax relief for residential landlords: how it's worked out

    Thank you. 
  • RE: Money transfer

    Hi Laura G Smith, 

    There are no income tax implications on the receipt of a cash gift unless the income generates interest or dividends.

    These would then potentially be subject to tax.

    Further guidance can be found here:

    Tax on savings interest

    Tax on dividends

    Thank you, 

  • Mortgage interest - tax relief?

    Hi rabbitinheadlights,

    Thank you for your question.

    If completing your return online you will find the box to show this interest on the fourth page of the Property section of the return under Residentia Finance costs on a paper return they go in Box 44 on the property page.

    In the Self Assessment calculation the reduction in tax in respect of these is shown after the secion showing tax charged after releifsand allowance itbis shown as relief for finance costs.

    If no entry is shown there then this would normally mean the relief cannot be used in the year as there was no tax chargeable on the income from property.

    The unused residential finance costs can then be carried forward to be set against any tax chargeable on the property income ina future year. 

    Thank you.