Tax Summary

[KD838]

The PM3 is working fine. I have question on the 24a & 24b under Expenses in the Tax Summary.

I understand the 24a, Finance charges, which it shows the figures I entered, but I have no idea where the figure of 24b, Interest, comes from. I entered the interest charges (in the description when entering) as Finance charges Tax Category.

Thanks

 

[chris horne]

Hi,

The category 24b relates to your loan interest payments which are tax deductible as an allowable expense for your rental business. To enter in the details you will need to go to the side toolbar and then select the investment drop down. You then need to select the interest section and you will be able to add in your figures there. Remember it is only the interest and not the capital repayments which should be added and are an allowable expense.

Chris