Tax on rent vs mortgage

markie1980

Last year i bought a house with the intention of renovating it and selling it on. Just as i finished and put it on the market houses stopped selling so it is now being rented out.

When i do my SA tax return next year, i will obviously have to pay tax on the rent i am recieving, so does that mean i can claim back for the interest only mortgage repayments?

If that is the case, should i also claim back for the mortgage payments last year (in the tax return i am currently completing)?

Can i also claim for 100% of the utilities while the house was being renovated as the house was never lived in? Oh, and what about council tax?

Thanks for your help,
Mark.

sammyjammy

I'm no expert but you can definitely claim for the interest payments on your mortgage, I don't think you can claim for the utilities or council tax payments but there is a lot of info on hmrc website so you can be sure, you need to get your tax return in by 31st Jan online by the way, you would need to speak to HMRC as you would need to do a seperate tax return for last year.

markie1980

Thanks for your help, and thanks for the warning about the deadline - I have, or I thought I had completed my tax return until i started thinking about claiming for the mortgage, Lucky i didn't hit the Submit button to quickly!