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Tax changes for dummies please

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Author Topic: Tax changes for dummies please  (Read 411 times)
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I like property

« on: November 22, 2018, 09:48:46 PM »

Hi, my mind is boggled and I really need some advice. We are accidental landlords and usually i just complete my trusty spreadsheet by taking off costs and mortgage interest to work out profit. Then I call HMRC to declare half of this sum for myself and other half for husband. They then work out the tax.

But now in totally confused because from my reading, I can't call up for them to take 20% off profit as tax because I need to take off  the relief on mortgage interest before actual tax owed is worked out.

My questions then are- can I call HMRC with the amount of tax we owe without declaring income? I'm worried they'll take too much and not take into account  tax relief on mortgage interest when working it out.

We are basic rate tax payers and have always called with these figures as we don't make enough in the property to have to fill out self assessment.

Your help would be greatly appreciated. I'm not a stupid person however the calculators online are so confusing as the tax owed seems to stay the same but all the figures inbetween are different. I'm just trying desperately to understand it all.

Thanks again
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