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BTL tax
raymond
Posts: 465 Forumite
I read somewhere that tax on a buy to let can be paid through PAYE presumably on an estimate for the year.
My question is can I get a deduction through PAYE if for example the interest repayment for a property is £500/month and rent is £450, some people say no others say possibly, does anyone have experience in doing this ?
My question is can I get a deduction through PAYE if for example the interest repayment for a property is £500/month and rent is £450, some people say no others say possibly, does anyone have experience in doing this ?
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Comments
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I think someone is mixing up the tax deduction which can be made if the landlord goes abroad with PAYE deductions (unless it is holiday lets maybe?) I don't see how it can be done on PAYE as PAYE is on earned income and rent is investment income (except holiday lets). Post or transfer this to the tax forum and you may get a better response.raymond wrote:I read somewhere that tax on a buy to let can be paid through PAYE presumably on an estimate for the year.
My question is can I get a deduction through PAYE if for example the interest repayment for a property is £500/month and rent is £450, some people say no others say possibly, does anyone have experience in doing this ?A house isn't a home without a cat.
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you can't put a loss on investment income against PAYE. You will declare your profit (or loss) on your BTL on your tax return and pay any tax due by the end of November (used to be January!) following the end of the tax year.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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