Landlords

Landlords used to be able to deduct 100% of their mortgage interest tax relief when calculating taxable profit.  In April 2017 this was reduced to 75%. From 6 April 2018, landlords will only be able to offset 50% of their mortgage interest against profits.  This will continue to decrease until the relief is phased out entirely by 2020....

There are many people who become “accidental landlords” and don’t realise that they should be declaring their rental income. HMRC’s Let Property Campaign has the following examples whereby this might be the case: Moving in together  Sarah moved into her partner’s flat several years ago, and decided to rent out her own property rather than sell it.  Sarah...