Some tax help

rammster

Scenario is

80k income.
40k additional income per annum

2 houses - both let out, self living in rental property as had to move to another city for a good job offer.

I fall in the high tax payers bracket

Property 1 - a 2 bed room flat takes in 575 rent on a 250 pounds interest only mortgage

property 2 - a 3 bed home takes in 800 rent on a 870 pounds interest only mortgage

however the property has been vacant for last 3 months

when it comes to the end of year. Can I claim the loss I made from the 3 bed property being vacant for 3 months against my enormous 40% tax pay out.

Any help appreciated.

Pumpkinface_2

You can't offset your rental property losses against your employment income. You can probably offset it against profits relating to other properties.

whiskywhisky

rammster - so you have not been claiming the loss of the rent from Property 2 over the profit from Property 1 when it was rented out?

The answer to your question is as pumpinface said, you can claim it off the profile from Property 1.

A slightly easier way to consider all this, you are employed and ALL your self employed money is 1 business (ie. 1 btl or 10)