Rental income - interest on mortgage

mlcram

Do you need to provide proof of your mortgage interest payments in your tax return or do you just put the value in. If you put the value in will the revenue then ask you to send in all your mortgage statements or will they trust what you put?

pcyam

you dont need to include proof of your interest on the mortgage, BUT its not worth putting incorrect figures on the tax return because if they do ask to check your documents at a later stage for whatever the reason maybe it will catch up with you. and i think its classed as fraud

System

pcyam is correct. There is no need to provide anything but the figure on the tax return. However if you are one of the 10% of taxpayers whose returns are randomly picked for a check they will ask you to justify whatever you have put on the return.

mlcram

Thanks for the adivce. I wasn't going to massively fiddle the figures just wondering if I would have to work out the exact amounts which I will do now.

bobby-boy_2

Hi you dont have to work out the interest on the loan the lender will do this for you. Just call them and they will send a statement of account BUT be warned some charge 35 pounds for this but they will give you the figure for free over the phone. That way you will only have to pay for the paperwork if you are audited.