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Where Taxpayers and Advisers Meet

Self Assessment - Commercial and Residential Mortgage

Joined:Wed Nov 07, 2018 4:32 pm
Self Assessment - Commercial and Residential Mortgage

Postby aakthar » Wed Nov 07, 2018 4:57 pm

I was a company director of a small family restaurant which was in my family for over 40 years until earlier this year when the landlord decided to sell the property. He offered us a good deal to purchase the property, so I, personally, decided to buy it by remortgaging my home for the deposit and getting a commercial mortgage for the outstanding balance.
The repayments include capital as well as interest and the rent does not cover both the residential and commercial, so every month I am having to pay an extra £150.

My question is, how can I put down the residential mortgage interest payments as well as the commercial mortgage interest payments, if possible?
And what am I looking at for tax for a rental income of £14k p.a where I am also full time employed on the higher tax rate?

Joined:Wed Aug 06, 2008 3:35 pm

Re: Self Assessment - Commercial and Residential Mortgage

Postby RMC » Sun Nov 18, 2018 5:56 pm

My question is, are you now renting the property to a third party, having closed down the restaurant business?

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