cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Everything you need to know about banking in QuickBooks Online - Discover more
ACC14
Level 1

mortgage interest

hi

 

With rental properties (UK), is it possible to have interest payments as an expense category?

 

Appreciate they are no longer directly off setable against income but they are still a catergory on sole trader tax returns.

 

thx

5 REPLIES 5
Ashleigh1
QuickBooks Team

mortgage interest

Hello ACC14, 

 

Welcome to the Community page, 

 

We would advise you speak to a trained and qualified accountant who will be able to help you with this question as we are only technical support not trained accountants. 

VictoriaPaddington
Level 1

mortgage interest

Hi, 

 

I am an accountant. This is not an acceptable answer, and your development team should already know that landlords mortgage interest and costs are a box 44 expense and so are applied as tax relief at 20%. 
You advertised that you could keep landlords taxes competently but do not have a way of recording such a critical tax box? 

I am sorry but this is going to make me just switch to another service that does, or else one that doesn't but will allow me to add my own categories and control allowability manually. 

This is not a new problem, it has been a fact for 4 years now! You should already have this sorted. 

Ashleigh1
QuickBooks Team

mortgage interest

Hello VictoriaPaddington, Thanks for posting on this thread, we fully appreciate what you are saying and have passed this on as feedback to the developers. We're sorry to hear that it makes you feel like you have to leave our service. We acknowledge, this has been going on a while and have passed this on.

ACC14
Level 1

mortgage interest

This basically means this product is unusable for anyone who has a second (or more) property that is rented. 

 

As such I am cancelling my subscription, unbelievably simple and stupid of quickbooks not to rectify.

ACC14
Level 1

mortgage interest

Completely agree VP, funnily my properties are near paddington and I am also a mortage broker so would of recommended this to small time landlords but clealry can't. Strange it seems so simple to sort and also essential to add.

Need to get in touch?

Contact us