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Where Taxpayers and Advisers Meet

Interest earned and tax

lunar
Posts:17
Joined:Sat Jun 13, 2015 1:19 pm
Interest earned and tax

Postby lunar » Sat Sep 14, 2024 3:43 pm

I complete a self assessment tax for rental property. However, this year I have had extensive work done, which means I will likely pay no tax when calculated. In fact I will peobably be in a deficit, which I think I can roll on to next years tax. If I get about £3500 on interest which I declare on the self assessment, will this be included in the final calculation with my rental income, or is it a separate entity.
Thanks

D&C
Posts:186
Joined:Mon Nov 25, 2019 11:35 pm

Re: Interest earned and tax

Postby D&C » Sat Sep 14, 2024 4:19 pm

You declare all your taxable income on a Self Assessment return and that is taken into account in the tax calculation.

As has always been the case since Self Assessment started nearly 30 years ago!


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