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  • Tax

    Tax Deductible Deposits??

    Is there any official way to make mortgage deposits tax deductible?

    Like if a company is setup to buy to let houses?

    Id love to do property more - buy - do up - rent - repeat.

    But each deposit of £25k isn’t tax deductible?

    All new floors, new windows, new kitchen - replacing old rotten stuff. That’s tax deductible isn’t it?

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    No I don't think there is a way Binman


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    Learn Change and Adapt ?????

    The interest of a deposit is tax deductible if you borrowed it .If you have cash for the deposits but could have used the money to pay of some your residential mortgage then in effect you have also borrowed it

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    Loan or Mortgage to the company, interest is then tax deductible. 

    If the funds are from your savings, you then pay tax on the interest paid to you by the company, the company does not pay tax on the interest it paid to you. 

    If the funds are from a re-mortgage of a property you hold personally, maybe you do not pay tax on the interest paid to you by the company but check first; the company does not pay tax on the interest it paid to you. 

    If the funds are from a re-mortgage of a property held by the company, the company does not pay tax on the interest it paid to the mortgage company.

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