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New LL Advice please
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Nitramak62 wrote: »Thats interesting, I will be leaving cooker (not fitted), carpets, curtains & supplying white goods (Fridge/Freezer & washing machine) if required.
So can I class this as furnished to claim 10% of rent for wear & tear?? (Assuming thats what you mean)
How about if I offer to maintain garden, can I claim that even if doing it myself? (Agent thinks having to maintain very large garden might put some people off)?
You only save the tax on the 10%.white goods = unfurnished.
Adding bed/wardrobe to each bedroom, plus sofa to lounge = furnished.
A link to LandlordZone that seems to make sense.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
A good rule of thumb is never to do something JUST to save tax. If you are changing things around anyway, it makes sense to do so in the most tax efficient way possible, but don't go making decisions ONLY on the basis of the tax consequences.
In your position I would leave it as is until the time you have to remortgage, and then look at shifting debt to the rental property.
The problem with tax is the Government makes the rules - and then comes along and changes them.........Unless it is damaged or discontinued - ignore any discount of over 25%0 -
Beware of Homecall+ See this forum....
http://www.reviewcentre.com/reviews89626.htmlBetter a pebble given out of love than a diamond given out of duty.0 -
You may be able to offset interest on your residential mortgage against income on the rental property (up to the value of the rental when first let). See a tax expert.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
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