Interest Only mortgages - What can you claim on your tax return?

Kimberley Shapcott Property Tax and Accountancy

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Depending on the type of mortgage you are paying will determine what you can claim on your tax return. What happens with an Interest-only repayment mortgage? What can be claimed on your tax return?
In this video you will discover:
Can you claim the mortgage repayments you pay each month?
What can you claim?
How does it work on your tax return?
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DISCLAIMER: Please be advised that the content of my media is my personal opinion and is intended FOR GENERAL INFORMATION PURPOSES ONLY, not specific tax advice. Nothing herein shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker. Making decisions on your tax position and investment decision is your own and appropriate specific targeted advice from a qualified accountant or tax advisor should be sort. The speaker will not be held responsible for any losses or gains based on decisions made following watching this video. Always do your own research and seek advice from an appropriately qualified professional.
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Опубликовано:

26 июл 2024

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Комментарии : 6

@nikkion2140 2 месяца назад

Very helpful.

@kimberleyshapcottpropertytax 2 месяца назад

Glad it was helpful!

@amcraswshaw 2 месяца назад

Thank you for the videos. Very useful. I am a first time landlord of 1 BTL property which has been let for 12 months now. Really interesting regarding section 24. You mention for a basic rate tax payer there is no difference with the 20% tax credit which is applied. The biggest issue I have faced based on info from your videos is that student loan repayments are on the higher figure before the tax credit is added. This on the face of it (although I have not completed the tax return yet) adds several hundred £s per year to the tax bill. The property is currently in my personal name but I am debating moving this to a LTD company (within the 3 years). Annual rent is £9,600. Is there another way around this? Many thanks

@kimberleyshapcottpropertytax 2 месяца назад

I am afraid there isn't another way around it. There will be a cost to moving the property to a company though so you may need to do some numbers to see what the additional student loan payable compared to costs of moving into a company are. This will enable you to make a decision on what is the right option for you.

@sureshdharmayat7222 Месяц назад

I bought BTL property for190000 , interest only. I have paid off 40000£ . Can I include interest on 40000 £ with interest on 150000£ as mortgage interest or not?

@kimberleyshapcottpropertytax Месяц назад

Any repayment of capital are not allowable for tax as this is paying off the loan and not a cost to you i.e. an expense of the property business.