Section 24-BTL Landlords, you need to know this!
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- Опубліковано 26 сер 2024
- Why Section 24 is such a big deal for Buy-to-Let property owners.
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These videos are for educational purposes only. No official financial advice is being given. Never listen to anyone online who tells you to not check with a professional!
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Thank you for the information
You're welcome!
Why basic rate tax payers aren't affected? Still have to take in account the mortgage payments as income and pay tax on, right??
Hi, In prior years a proportion of the mortgage interest was an allowable expense to reduce profits, however, now the entire expense is disallowed and instead there is a basic rate tax deduction. You will receive rent payments as income which yes, are taxable after deducted expenses
@@pjcoaccountants2090 I assume you are talking about the 20% 'off' that you get on the taxable income from mortgage payments 'income', and pay the difference.
Thanks
@@odysseasv7138 You get 20% tax relief on your mortgage expenditure.
Example:
Rental income £12,000
Mortgage Interest £4,000 disallowed.
Basic rate deduction £800 (20% mortgage expenditure)
@@pjcoaccountants2090 thanks a lot!