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What Bills Can U Claim Against Tax?
MrYogiBear
Posts: 8 Forumite
I am renting my previous home, have a buy to let mortgage on it that has paid for the property im living in now. Can the repayment charges be taken as an expense? what else can i take as an expense? |Building work to the house?
I am in full time work as well, so will my earning from the house rent be as self employed? if so how will my earning from my job come into the equation. Please someone explain to me the procedure. Thanks.
I am in full time work as well, so will my earning from the house rent be as self employed? if so how will my earning from my job come into the equation. Please someone explain to me the procedure. Thanks.
0
Comments
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getg an accountant or talk to teh tax man - they are very helpful.
Inland revenue to a booklet IR150 Taxation of rents which is very helpful, if a bit boring.
IR often do free courses for the newly self employed.
your rental income - less expenses - will be taxable income and you will be taxed on it - but only if you make a profit
you will need to declare it on a self assessment form0 -
Look up this book and buy it...
Carl Bayley " How to avoid property tax".
btw There are many potential property taxes... - Income, CGT, Inheritance, council.......
The book paid for itself for me very quickly... ;-) .
Cheers!
Lodger0 -
""Inland revenue booklet ""IR150 Taxation of rents""
is free !!
downloadable = so i am lead to believe0
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