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  • Tax

    Tax returns - how to include S24?

    Do you know (when we come to do our tax returns for the current tax year) whether the HMRC will automatically calculate the adjustments for mortgage interest changes?

    Ie will we expected to put in 75% of our mortgage interest amount or do we still put in 100% as before and the HMRC automatically calculates the 75% amount?

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    Nicholas

    i believe this year/216/217 its 100%

    as of next year which is for 217/218 start with 75%


    regards

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    When I said current tax year, i’m referring to the tax year we are in right now, ie tax year ended 5 April 2018 which is 75%

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    It’s a good question I would call Hmrc

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    Learn Change and Adapt ?????


    That's correct. The first tax returnes including the effect of S24 won't be done until next year, and won't be required to be submitted until January 2019. They will require some extra information so some people might realize that things have changed when they fill in the form. Others might not notice until they get a higher than expected tax bill in February 2019. I expect a bit of an outcry then.

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    Any commercial software will allow you to put the full amount and that will then make the adjustment. I rather suspect that HMRC software will be done in the same way. That is only if they use something called common sense to adapt commercial software themselves.

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    Simon Misiewicz | Business Development Manager

    Optimise Accountants

    Telephone: 0115 939 4606

    website: http://www.optimiseaccountants.co.uk


    Most accountants, including myself, use software that automatically does the calculations,

    The tax payer is expected to do the calculations, so I would strongly advice you to seek professional advice as mistakes can be very costly.

    KR

    Jiten Shah

    JMS Accounting Services


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    I use professional Landlord software and it gives you the answer

    But it would cost you to buy and run and update

    but if you have a sizeable business its worth every penny

    I could not run my business today without it.

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    Learn Change and Adapt ?????

    Hi DL

    What's the accountancy software that you use called ?

    Thanks

    Andy

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    Landlord Property manager

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    Learn Change and Adapt ?????