Rental profit is rental income less allowable expenses. If your rental income is £1,000 or less, the property allowance normally means no tax. Above that you can deduct the allowance instead of your actual expenses if it is better for you.
Mortgage interest is not deducted from profit. Instead you receive a tax credit worth 20% of the interest, limited to your rental profit.
Authorised and regulated
Is Cheap Tax Returns authorised and regulated? Yes.
Your return is prepared by qualified UK accountants holding qualifications from the leading accountancy bodies: ICAEW, ACCA and AAT. We are also on the ICAEW approved employers list, so you can file with confidence.
Regulated by the professional bodies. Reviewed by qualified accountants. Part of Accotax.