High Tax Payment for Self Assessment

corkyefes

Hi all,

Can anybody offer any advice on how to reduce my tax bill down on a rented out property?

For the 19/20 tax year, wages are £55k, income from the let property is £5k.

Took off the 25% mortgage interest, any admin fees and insurances, plus expenses for mileage and no quibble deductions, bring my expenses to £1,365.00 (unfortunately I don't have any receipts for repairs to the house).

But the tax calculation came out at £1800..... Can I get this lower?

Is anybody else getting killed now that you can only claim 25% of your mortgage interest as an expense? - It will be worse next tax year when apparently you cannot claim an interest as an expense.

Thanks in advance.

dimbo61

Your right 
If your a higher rate tax payer it will now be very difficult to make any profit from having a BTL property.
Maybe you need an accountant and keep all your invoices and receipts from running your business.
Lots of accidental landlords who did not sell there first property before buying a second home may now be selling up as the rental property is no longer making any profit

amnblog

You have entered into the only ‘business’ in the UK where you now cannot properly offset your costs before paying tax on your profit. Incredibly the work of a Tory Government.