Tax Forum :: Free Tax Advice

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.

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!

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.

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.