[ˈmɔːɡɪʤ ˈɪntrɪst rɪsˈtrɪkʃᵊn]
Mortgage Interest Restriction allows landlords to only be able to claim at the Basic Rate for their finance costs on residential properties.
Mortgage Interest Restriction is a policy introduced in 2017 in the United Kingdom that restricts how much tax relief Landlords can claim on their finance costs.
Under this restriction, Landlords can only claim tax relief on mortgage interest repayments at the basic rate of Income Tax. Before, individuals were able to claim at their Marginal Tax Rate. This policy therefore only affects people if they are a higher rate or Additional Rate taxpayer.
If someone has multiple properties, it might be more tax efficient to run their business through a Limited Company.
January 31st is the deadline for submitting 2022/23 tax returns. It's a good idea to complete your tax return ahead of this deadline to avoid mistakes and potential penalties. This article shows why its a good idea to submit your tax return early and how Earnr can help you if you are stuck.
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We recently introduced our newest addition to the Earnr team; our AI chat bot, Earnr AI. In this article we put Earnr AI to the test and asked it why you should use Earnr as your tax companion, bookkeeping tool and tax return assistant. Read it's excellent response!
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The festive period is often thought of as the busiest time of the year with the run up to Christmas and New Year. Whilst this period can feel hectic at times, it can also be seen as the perfect time to complete your tax return. In this article we explain why this Christmas time is the best time to submit your 22/23 tax return.
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