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bigduckontax, Accountant
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What percentage counts in my interest only mortgage as

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What percentage counts in my interest only mortgage as expenses when Doing my self assessment on a property I let out for one year
For the year 2019/2020 ? Thanks

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

As you are clearly aware only interest may be used to offset rental income. However, all interest paid out in the accounting year may offset. income.

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Thank you for your support.

Customer: replied 1 year ago.
Thanks but I’m confused now sorry can you simplify that for me ! Thanks

The interest you pay on your buy to net mortgage can be set off against the rental received to reduce your income for tax purposes. However, this is only allowed at the basic rates of tax, not higher rates.