Just realised I’ve been messing up my tax return for yearsMake Text Bigger
I have a buy to let property (Flat) which I used to reside in 2001 until 2003 and then moved in with my wife and started to rent the flat out.
I changed the mortgage to buy to let and took a personal loan to cover some improvements to the flat.
Basically I haven’t paid any tax since 2003 as I thought I was making a £50 a month loss due to the mortgage and loan combined costing me £550 pcm and rental income being £495.
However, I presumed that you could use the full cost of the repayment mortgage and have now realised that I can’t!
Can anyone help me out with where I go from here?
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