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Sage entries for mortgage interests

Sage entries for mortgage interests

Hi, can anyone help me with enterings for mortgage interests for 2018/19 please? 50% of the amount is interest expense. Remaining 50% of the interest amount is subject of 20% relief. How should I post it in sageone ?

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19th Feb 2019 08:53

Mortgage for what?

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19th Feb 2019 09:09

Well when we do these we ignore all the client interest entities and go from the mortgage statements as they always get confused between payments made in the bank and interest.

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to ireallyshouldknowthisbut
19th Feb 2019 09:18

For some reason, no idea why, I get the impression she might not have an Accountant, although she really really should get one.

Op - stick it all in drawings, your Accountant will sort it out.

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19th Feb 2019 09:44

You're confusing accounts and tax returns.

See your accountant. He'll sort it out for you.

If you don't have an accountant, get one.

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By jcace
19th Feb 2019 12:46

Post all of the interest together - the 50% adjustment for mortgage interest etc on residential property can be made when the personal tax return is being prepared.

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19th Feb 2019 16:18

All the interest is the interest expense, the change is only to the tax return, there's no difference to the accounts.

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