Tanvir Hossain
Joined: 12/12/2023
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Property Allowance & Mortgage Interest in self Assessment.
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
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