Mortgage interest relief

**bradmca** · 19-01-09

Would anyone be able to advise on this tax question?, a 40% tax payer has mortgage interest of £7500 / year on outstanding mortgage of £140,000.

How much relief could be claimed on the property which has 3 rooms + kitchen + bathroom, 1 of the rooms is used evenings/weekends for business, not exclusively for business.

I'm not sure what, if any maximum allowances are applicable but this being made clearer as an object of tax relief would be great for many small-medium affiliates like me to get more out of our efforts with tax relief.

Thanks in advance for any views.

**mejorantes** · 19-01-09

This may be of help:

Specific deductions: use of home: examples

**pistol101** · 19-01-09

Originally Posted by bradmca

Would anyone be able to advise on this tax question?, a 40% tax payer has mortgage interest of £7500 / year on outstanding mortgage of £140,000.

How much relief could be claimed on the property which has 3 rooms + kitchen + bathroom, 1 of the rooms is used evenings/weekends for business, not exclusively for business.

I'm not sure what, if any maximum allowances are applicable but this being made clearer as an object of tax relief would be great for many small-medium affiliates like me to get more out of our efforts with tax relief.

Thanks in advance for any views.

You'd be best to get proper advice, as you will claim back in the short-term however you will become liable when you sell the property.

**bradmca** · 19-01-09

Doesnt seem to affect the sale of your property anymore:

Self-employed can set mortgage costs against tax, says HMRC - Business News, Business - The Independent

**hrbs** · 20-01-09

Hi

Directors can also claim a reimbursement of their home office costs. If they do so, it should be included as income with the corresponding expense on their tax return. It is best to have a licence agreement between the director and the company and for the use of the office to be non-exclusive. Using the room for personal storage can help this.

If anyone wants a licence agreement PM me or email via http://tips.hrbs.biz/contact-us/ .

With regards to business rates, in general, if you do not have business visitors then business rates will not apply.

Regards

Keith
http://HRBS.biz