This post is by Sheral Reddy, an chartered accountant and tax specialist at GECA Chartered Accountants. Call Sheral now for tax advice on your circumstances.

Following from our newsletter from April last year, just a reminder to our clients that the interest deductions are being phased out for properties acquired before 27 March 2021 as follows:

As the 2022 financial year is a transitional year, please bear with us if we require more detailed copies of the loan statements for the whole year instead of just a summarised Loan Summary from the banks.

Please contact your GECA Advisor on 0800 758 766, if you would like to discuss about the how the Property Interest Limitation Rules mentioned above would impact you.  We would be happy to assist you with reviewing the structure of your residential rental properties and the preparation of your rental accounts or income tax returns.