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First time Landlord - tax liabilities and other bits
1981trouble
Posts: 145 Forumite
Hi, we are renting out our house (due to market crash!) and are tryingt o find our feet in terms of budgets, requirements etc. Hopefully some of you will be able to point me in the right direction for some of these questions!
The house is being rented through an agency. Contract started 27/02/2009
Tax Liabilities - I think i have my head round what can be offset and not.
The HMRC webpage says you put that expense for the month incurred not the month paid - agency gets paid on 27th, agency pay us on 1st - which date do i use for income?
What rate tax are you charged on the "profit" - we are making about £100 per month as it stands at the moment (though i may find other things that need to be offset yet).
Is there any webpages that are good for landlord info?
Since we are using an agency, is it still worth joining the landlord associations?
Thanks
The house is being rented through an agency. Contract started 27/02/2009
Tax Liabilities - I think i have my head round what can be offset and not.
The HMRC webpage says you put that expense for the month incurred not the month paid - agency gets paid on 27th, agency pay us on 1st - which date do i use for income?
What rate tax are you charged on the "profit" - we are making about £100 per month as it stands at the moment (though i may find other things that need to be offset yet).
Is there any webpages that are good for landlord info?
Since we are using an agency, is it still worth joining the landlord associations?
Thanks
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