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Some tax help
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rammster
Posts: 289 Forumite
in Cutting tax
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.
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.
Inside I am THINKING.
0
Comments
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You can't offset your rental property losses against your employment income. You can probably offset it against profits relating to other properties.0
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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)0
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