Tax relief on your mortgage

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You can claim tax relief on the interest on a mortgage you take out to buy a rental property – even if it the rental property is abroad.

This relief will be reduced from April 2017 onwards and may have a draconian effect on your tax liability! There will be more losers that winners as HMRC grab tax from landlords with mortgages.

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Saving tax on property income

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Rent a room

Rent a room relief is an optional scheme that lets you receive up to £7,500 (increased 6 April 2016, from previous limit of 4,250) in rent each year from a lodger, tax-free. This only applies if you rent out furnished accommodation in your own home.

Landlord’s expenses

If you rent out property, you can deduct a range of costs before declaring your taxable income. These include the wages of gardeners and cleaners, and letting agency fees.

See Lindsay for the full ...

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The 60 percent tax trap.

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If you earn more than £100,000, you may be paying tax at 60 per cent. You won’t find this listed on the HMRC website, but due to the withdrawal of the personal tax allowance for income over £100,000, earnings of between £100,000 and £121,200 will be taxed at an effective rate of 60 per cent for 2015/16. Not fair!!

Plan ahead with a friendly accountant or tax adviser!

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