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The mortgage interest tax relief is a tax credit that landlords can claim to reduce their tax bill. Landlords can claim relief at the basic rate of 20%, reach out for more information.
You can earn up to £7,500 tax-free per year when renting out part of your home. It’s essentially a tax-free allowance and allows you to reduce your tax burden. If you earn less than this in rental income annually, you won’t owe any tax.
You can claim under certain circumstances such as if you are a live in landlord, rent out property via airbnb or have expenses that are less than £1,000 per year. Reach out for more information.