FREE WORKBOOK
Finance Costs and Section 24 Log
Every finance cost by property, feeding the basic rate reduction, with the carry forward nobody else is tracking.
Join dozens who use this
Who this workbook is for
Anyone who thinks the reduction is 20 per cent of the interest
It is 20 per cent of the lowest of three amounts: your finance costs, your property profits, and your adjusted total income. The sheet works all three and takes the lowest, because a calculator that skips that step overstates the relief for exactly the landlord who needs the answer.
Anyone whose interest exceeds their profits
Push the demo to £28,000 of interest on £20,000 of profits and the reduction caps at £4,000, with £8,000 carrying forward. That carried balance is a real asset, it relieves a better year later, and nobody at HMRC is keeping the running total for you.
Anyone who only logs the mortgage
Arrangement fees, early repayment charges and interest on a loan to buy furnishings are all finance costs too. They belong in this sheet feeding the reduction, not in the running costs, and each property gets its own line so the totals survive a remortgage.
