Video není dostupné.
Omlouváme se.
What happens with Mortgage interest now? Is it an allowable expense?
Vložit
- čas přidán 16. 12. 2022
- The myths of Mortgage Interest - is it allowable? what can you claim? How do you claim it?
In this video you will discover:
Can you claim your mortgage interest?
What about a Company?
What about when you own in your own name?
What do I need to retain in relation to evidence?
Thanks for tuning in to the video.
If you know anyone who may find the property information helpful and useful then please share it with them too.
Subscribe to the channel and press the notifications button to ensure you keep up to date with the latest property tax and accounting videos
If you need help from an accountant then check out www.shapcotts-a...
Check out my links at linktr.ee/Kimb...
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.
#property #propertytax #propertyinvestment #accountants #taxadvisor #Landlord #propertyinvestor #finance #BTL #HMO #allowableexpenses #shapcottsaccountants #believepropertyltd #mortgageinterest #mortgagerelief #mortgagetaxcredit #financecharges
Final editing by Shapcotts Online Productions.
Thumbnail by Unknown Creatives (Midlands) Ltd.
Music from:
Happy Upbeat Corporate | WORK by Alex-Productions | / @alexproductionsnocopy...
Music promoted by www.free-stock... Creative Commons Attribution 3.0 Unported License creativecommon...
you enter in your interest total for the year, and it (hmrc self asses) gives you 20%
Depending on how the rest of your tax computation fits together this will be what happens for a lot of people.
thanks Kimbo! looking good in the pink and red!@@kimberleyshapcottpropertytax
Your videos are great 🙏
Glad you like them!
I thought we can not claim mortgage interest as tax free allowance any more . I am planning to buy a property as primary residence . Can I claim tax benefit
If it is a main residence there are no tax benefits as it is your own home. If you have a rental property, the mortgage interest can be claimed against the rental income.
Hello great video. Just to confirm I do Airbnb on an interest only mortgage. So I definitely can claim the full amount for each month not just 20 percent?
Much appreciated
At present you can claim the full amount of your mortgage interest as an allowable expense. This is changing from 6 April 2025 however we have limited information on these changes at present.
Hi thanks for your video, really helpful. Can you tell me where can I put the tax credit which is 20% of our mortgage interest rates in the self assessment tax return form please.. Thanks
It goes on Box 44 on your tax return.
Thanks for replying Kimberly. I and my wife own the property, do we need to divide the interest rate equally when we submit our own self assessment tax return? Like for example £960 monthly interest divide by 2 = £480 each in box 44? Thanks in advance
If it is owned in joint names then you will need to both show 50% of the expenses.
Kimberley, if we set up a BTL limited company and finance it through re-mortgaging our home can I then claim the mortgage interest on the additional borrowing under "Qualifying loans and alternative finance arrangements" and therefore get tax relief in my personal tax return at my marginal tax rate? For example, I borrow £100,000 at 5% interest as a home remortgage and then lend that to a BTL company that I own in equal shares with my wife. PS Great Videos!
It will depend if you are claiming the interest through the company. If you are then there will likely be no claim on your personal position as it will be neutral. As interest being taken out the company you will need to complete a CT61 each quarter. Check out the video on the channel about these.
is the mortgage product fee of BTL on Personal name also allowed for tax relief or its ONLY for Ltd Company?
is the 20% tax relief on mortgage interest also allowed for tax relief on the main resident mortgage?
many thanks !
Its allowable under section 24 for individuals.
For personal properties depends what you are looking at claiming for.
@@kimberleyshapcottpropertytax to reduce my income tax by filing itl in my expense form... Btw Thank you for your reply, I love all of your videos, they are so helpful.
So where on self assessment can i add my yearly interest
Box 44: Residential property finance costs
Please keep making these videos. I need advice around DoT and Form 17, how do I get in touch with you? Thanks
Find me and my team at www.shapcotts-accountants.co.uk
Ta lady xx
Your welcome.
You videos is very helpful. Can I claim the survey fee as an expense?
Survey fees are a capital expense which means that they would be included in the capital gains tax calculation rather than income tax. However if it is part of a refinance then the costs could be allowable.
Am I being stupid? Where do I put the interest element?
It needs to go into Box 44 on the tax return. It is considered after the tax has been calculated and deducted as a tax credit of 20%.
@@kimberleyshapcottpropertytax I did find it but thanks anyway and thanks for your videos!
Do you work alongside mortgage advisors? I am looking for a new accountant who works alongside a Mortgage broker in order to give me the Biggest amount of capital to use against other properties, thanks Owen Through a limited company I forgot to mention
We have a few mortgage brokers we can put our clients in contact with. It's always important that your key team members are happy to speak to each other.
@@kimberleyshapcottpropertytax I’ve emailed your company:)
So If I understood this correctly for a buy to let on your own name you can claim 20% of the interest of the mortgage payments? This is for an interest only mortgage
Exactly. The interest is an allowable expense however as an individual you receive a tax credit at 20%.