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if we were to rent out our property how do we
Deals_2
Posts: 2,410 Forumite
in Cutting tax
work out how much to pay on rental income? thanks in advance.
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Basically, you keep records of all the income and expenditure in relation to the property (including mortgage interest) and you pay tax on the profit at your highest rate. You mention 'we', so I assume the property is jointly owned - if this is the case, you will each pay tax on your half share.£705,000 raised by client groups in the past 18 mths :beer:0
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