Am I entitled to any help?

sierra_delta

I've read around lots of other threads but can't find an answer to my queries. My problem is that I own 3 properties, but don't make any money on the 2 that I rent out. In fact, with remortgaging due in the next 4 months on both, they are set to cost me about £600 a month between them. I have tried to sell them, but haven't found a buyer, and the market is worse than flat.

My partner looks after our 2 children, so is not able to contribute financially, and I'm barely making ends meet now with 2 jobs, bringing in around £28000, let alone when the remortgaging starts costing us an additional £600 per month.

Would I be entitled to tax credits? I've always assumed that as i own more than 1 property i wouldn't qualify - but my tax returns support that these other 2 properties make no money.

If anyone knows the answer or can help with any other advice i would be most grateful as i am tying myself in knots over this.

many thanks

Sierra Delta

shelley_uk

The amount of rent income that is taken into account is the same as that agreed for income tax purposes. As your tax return states a nil income from rent so will the tax credits calculation

If you were making a profit from the rented properties the calculation again would be the same as the tax return as in Total Income from Rent Less expenses relating to that property eg repairs etc

There is no reason why you should not apply for tax credits regardless of what you have coming in and going out there is no harm in applying........but whether you will receive an award will be determined by other factors such as last years household income and any disabilities....

Ring the helpline and make an application....you wont know until you try

Good luck

TriffidQueen

I wish I owned 3 properties!