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Rental Income tax when at a loss
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Terry100
Posts: 1 Newbie
in Cutting tax
Hi,
I own a property that I have been renting out for the year.
I have added together all of the rental income I have recieved for the year. I've then added together all of my allowable expenses too and have subtracted this from the total rental income. I have arrived at a loss of a around £2000.
My question is, even though I have actually made a loss for the year, do I still need to pay tax on the total amount of rent money I've recieved?
Many thanks,
Colin
I own a property that I have been renting out for the year.
I have added together all of the rental income I have recieved for the year. I've then added together all of my allowable expenses too and have subtracted this from the total rental income. I have arrived at a loss of a around £2000.
My question is, even though I have actually made a loss for the year, do I still need to pay tax on the total amount of rent money I've recieved?
Many thanks,
Colin
0
Comments
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no, you pay tax on the profit.... no profit no tax (assuming you have worked out your allowable expenses correctly)0
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Don't forget to still fill in your land & property pages on your SA return and carry the loss forward to the following year,0
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