Self Assessment - Commercial and Residential Mortgage
Posted: 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?
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?