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Where Taxpayers and Advisers Meet

Self Assessment - Self correct the mortgage interest?

Martintaxes
Posts: 15
Joined: Fri Apr 28, 2017 12:25 pm

Self Assessment - Self correct the mortgage interest?

Postby Martintaxes » Wed Dec 12, 2018 10:00 am

Hi,
The self assessment form isn't clear on whether you stillenter the full mortgage interest amount, or should be incrementally reduced according to the new rules. I've just entered the usual full amount for the last couple of years assuming the reduced rate calculation is done by HMRC. Is this correct?
Many thanks in advance.
Martin.

AdamS93
Posts: 220
Joined: Tue Sep 26, 2017 6:28 pm

Re: Self Assessment - Self correct the mortgage interest?

Postby AdamS93 » Wed Dec 12, 2018 6:30 pm

No, unfortunately not. There are two boxes, not on the same page. One for the expense (75% in 17/18) and one for the mortgage interest that doesn’t qualify as an ‘expense’ but the basic rate tax reduced instead.

I would imagine a number of taxpayers who do their own returns have made the same mistake and will have a brown envelope on their door mat sooner rather than later as it is quite easy for HMRC to pick this up!

robbob
Posts: 2766
Joined: Wed Aug 06, 2008 4:01 pm

Re: Self Assessment - Self correct the mortgage interest?

Postby robbob » Wed Dec 12, 2018 8:34 pm

sooner rather than later as it is quite easy for HMRC to pick this up!
That will be 3-4 years time then :) with the extra penalties and interest they can claim for delayed correction :)

somewhat strangely i had a property education email sent to me from hmrc mentioning webinars and information on you tube channels with links etc(well i'm presuming its hmrc i haven't clicked on the links!). This would be the perfect opportunity to mention the rule change in the email and - nope nothing - its like the rules haven't changed or don't need publicising this year. Although i am sure if you go through to webinar 4 and at 26 minutes 49 second there will be something nicely hidden away.

Martintaxes
Posts: 15
Joined: Fri Apr 28, 2017 12:25 pm

Re: Self Assessment - Self correct the mortgage interest?

Postby Martintaxes » Thu Dec 13, 2018 10:30 am

Thanks guys!

Luckily its only been last year when the numbers changed so Ive got until end Jan '19 to amend my return accordingly.
Regards,
Martin.


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