To be honest as we have always seen it as a loss she hasn't declared the income. You are right the £1000 is a repayment sum, which probably includes ~£700 interest only plus ~£300 capital elements (sorry I don't have current statements at hand). Does that mean she can claim the ~£700 interest element of the mortgage against her full time employer tax (she pays just over £1000 of tax per month)... and if so how far back can she claim? Final question I promise :) the mortgage being residential and her not living in it would be OK?
Thanks a million,
My wife and I are completely in the dark it seems can I have your details so you can become our regular accountant off this page for annual returns etc?