Have Tax Questions? Ask a Tax Expert for Answers ASAP
Just to clarify, i increased my borrowings on the buy to let to take out 40k from this mortgage. I could do this because the value of the house had increase in the period between taking out the old buy to let mortgage and taking out the new buy to let mortgage.
i assume i don't have to declare it on my self assessment?
One last question... I of course deduct my interest only payments from my rental income.
With regard to the 40k do you mean i will have to calculate what my interest only payment would have been if i hadn't taken the 40k out and then deduct it from the new payment from it? ie Iets say I would have been paying £400 interest on the mortgage if i hadn't taken out 40 k, but am now paying £700. What do i declare purposes?
Sorry not particularly tax speak savvy.