Section24 impact on 2016-17 payments on account?Make Text Bigger
With the Self Assessment tax deadline for 2016-17 looming, I would like to know, as a portfolio landlord subject to making payments on account, whether the S24 switch from taxing turnover as opposed to profits could restrict my personal allowance entitlement already based on the income (turnover) declared on my 2016-17 tax return?
I have seen a number of case studies comparing the impact prior to April 2017 with the position come 2020. But what is the situation in this first year of S24 mortgage interest restriction regarding the calculation switching to turnover from profit, and on immediate cash flow if 2017-18 payment on account is not based on profits declared in 2016-17?
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