Rental Income mortgage payments
gsauny21
Registered Posts: 16 Dedicated contributor 🌟 🐵 🌟
Hi
Ive just taken on a client who has a rental property, they usually complete their own self assessment however, this year they decided they needed help. The problem is, 2 years ago they were advised by a tax accountant that they could claim the mortgage payments and interest as an expense, which they did. Im not sure this is correct as im sure it’s only the interest element that is claimable.
Please tell me I correct with this assumption?
Ive just taken on a client who has a rental property, they usually complete their own self assessment however, this year they decided they needed help. The problem is, 2 years ago they were advised by a tax accountant that they could claim the mortgage payments and interest as an expense, which they did. Im not sure this is correct as im sure it’s only the interest element that is claimable.
Please tell me I correct with this assumption?
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Comments
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Your assumption is correct.
Only the interest charged on the mortgage repayments is claimable against the rental income.0 -
Yep, interest is claimable, capital repayments are not.0
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And 45p per mile travelling to deal with the rental property?0
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For the tax year 2010/11 40p per mile would still apply.0
