Starting April 2017, mortgage, loan and overdraft interest costs are no longer considered in calculating taxable rental income. The official name of this change is Section 24 of the Finance (no. 2) Act 2015 and it will be phased in gradually over 4 years. By 2020, 100% of finance costs will be restricted to 20% tax relief only. Our handy buy-to-let tax Section 24 calculator will help you get an idea of how your own profits will be affected and how much Howsy can help you save.
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IMPORTANT: The calculator provides calculations for guidance only. Each landlord’s situation is unique and you should seek professional tax advice before implementing any measures. Howsy/No Agent Technologies Limited cannot be held responsible for any loss, direct or indirect.
To read more about the tax changes and strategies for preventing money loss, have a look here and here.