Nilu

My finance cost is £27,862.00. it was restricted to £18,759.00. do I carry forward to next year? so carry forward amount is 27862-18759=9103. where do I report this next year? under what?

Below is the tax calculation. Can you clarify why "minus Relief for finance costs £27,862.00 reduced to maximum allowable" Tax calculation for 2023-24 Unique Taxpayer Reference (UTR): Your tax return is 90% complete (year ended 5 April 2024) This section provides you with a breakdown of your full calculation. If it says your tax return is 100% complete then you have submitted your return and this is a copy of the information held on your official online Self Assessment tax account with HM Revenue and Customs. Profit from UK land and property £31,329.00 Interest from UK banks, building societies and securities etc £8,146.00 £39,475.00 Total income received minus Personal Allowance £12,570.00 £26,905.00 Total income on which tax is due How we have worked out your income tax Amount Percentage Total Pay, pensions, profit etc. (UK rate for England and Northern Ireland) Basic rate £18,759.00 x 20% £3,751.80 Savings interest from banks or building societies, securities etc. Basic rate band at nil rate £1,000.00 x 0% £0.00 Basic rate £7,146.00 x 20% £1,429.20 Income Tax due after allowances and reliefs £5,181.00 minus Relief for finance costs £27,862.00 reduced to maximum allowable £18,759.00 x 20% £3,751.80 Income Tax due after tax reductions £1,429.20 Income Tax due Estimated payment due by 31 January 2025 £1,429.20 You must pay the total of any tax and class 4 NIC due for 2023-24 plus first payment on account due for 2024-25 by 31 January 2025 2023-24 balancing payment This amount does not take into account any 2023-24 payments on account you may have already made 1st payment on account for 2024-25 due 31 January 2025 £1,429.20 £714.60