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Mortgage Interest relief for part of a tax year

How should I calculate the pro-rata mortgage interest, for letting out a flat for part of the year

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We began renting out our flat in 5th September 2016.

I have the Certificate of Mortgage Interest from our mortgage lender covering the tax year 16/17, so I know the total mortgage interest for the tax year, but it isn't broken down any further than that. Is it reasonable to calculate the pro-rata relief by months and days? Obviously this won't be fully accurate as the interest will decrease from month to month, but calculating that will be significantly more complex!

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By Wanderer
25th Jan 2018 19:49

Not enough information to advise.

What does your accountant say?

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By atleastisoundknowledgable...
25th Jan 2018 19:56

Yes

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By alexprokop
26th Jan 2018 09:28

The section called 'claiming part expenses' here seems to suggest it can be done on a pro-rata basis:

https://www.gov.uk/guidance/income-tax-when-you-rent-out-a-property-work...

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By Wanderer
25th Jan 2018 20:08

According to your posts you are / have been:-

A director of a limited company.
Registered for Self Assessment.
A member of a LLP.
Have self employment losses.
Have a partner who has self employment losses and PAYE income.
Have an investment property.

and you aren't using an accountant.......

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Replying to Wanderer:
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By atleastisoundknowledgable...
25th Jan 2018 20:36

You do realise that ‘Anonymous’ isn’t a single user ?!

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Replying to atleastisoundknowledgable...:
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By Wanderer
25th Jan 2018 20:43

Yep, but alexprokop is.

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Me
By John Charman
25th Jan 2018 21:38

I think taking an average and pro rata over the course of the year is reasonable.

No it's not perfect, but ultimately HMRC are just looking for accuracy. It's hardly going to be thousands of pounds different.

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By AnnAccountant
25th Jan 2018 22:49

Figure it out, can't you?

Also, try to use the right words. Landlords let. Tenants rent.

May as well just start calling things parsnips!

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