Rental Income tax when at a loss

Terry100

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

CLAPTON

no, you pay tax on the profit.... no profit no tax (assuming you have worked out your allowable expenses correctly)

pete80

Don't forget to still fill in your land & property pages on your SA return and carry the loss forward to the following year,