Welcome to the Naseems Accountants YouTube channel! In this video, we're discussing how to properly show property finance costs on your tax return.

Understanding what expenses are allowable for tax purposes is crucial. They must be wholly and exclusively for the property business. If your total property income receipts are below the VAT threshold, you can put your total allowable expenses in the ‘Other allowable property expenses’ box, with the exception of residential finance costs.

We'll cover:

Examples of allowable finance costs
How to handle nonresidential properties
Properly entering residential finance costs on the ‘Profits and losses for other property income’ tax return page
Bringing forward residential finance costs from earlier years

For further guidance and assistance with your tax matters, call us for a free consultation at 0121 771 4161 or visit our website at www.naseems.co.uk. Subscribe for more valuable insights, and we look forward to assisting you in the future.

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