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House Letting
casick
Posts: 2 Newbie
Can anyone help me please if my son has just bought a house with a mortgage that is not interest only and he comes back to live with me will he have to pay tax on his income from it. The income will not cover his mortgage repayments
Thank You
Thank You
0
Comments
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After tax deductible items including interest are taken into account and there is no profit or your son's total income is below the threshhold, then there should not be any income tax to pay.FREEDOM IS NOT FREE0
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Thank you for that what are tax deductible items please he has a job and his income from the let will be about £500 and the mortgage is about £570 it is his main residence and he bought it a few months ago0
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he needs to find out the interest element of the mortgage payments, these are tax deductable as are things like maintenance and insurance.
he should also make sure he has permission from the lender to lease the property and proper building insurance that allows for the fact that the property is rented. can also allow things like the gas certificate and agency fees.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
In addition to Silver's comments, some other items which can be used for tax purposes: Small but add up. A business loss can also be carried forward to the following year.
(1) Postage in relation to the business.
(2) Telephone calls in relation to the business.
(3) Contract expense, Inventory/Condition Report costs.
(4) Any room set up as a partial office to run the business - be sure to also use for domestic purposes so the council doesn't start claiming business council tax on that room.
(5) Any equipment purchased for the use of the business e.g. fax machine etc.
(6) Building Insurance, liability insurance, contents insurance if necessary.
(7) Travel to and from rental property for inspections or whatever.FREEDOM IS NOT FREE0 -
prudryden wrote:In addition to Silver's comments, some other items which can be used for tax purposes: Small but add up. A business loss can also be carried forward to the following year.
(1) Postage in relation to the business.
(2) Telephone calls in relation to the business.
(3) Contract expense, Inventory/Condition Report costs.
(4) Any room set up as a partial office to run the business - be sure to also use for domestic purposes so the council doesn't start claiming business council tax on that room.
(5) Any equipment purchased for the use of the business e.g. fax machine etc.
(6) Building Insurance, liability insurance, contents insurance if necessary.
(7) Travel to and from rental property for inspections or whatever.
Also paying a letting agent and/or advertising for tenants.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
Whooops! Forgot the big ones. Thanks seven.FREEDOM IS NOT FREE0
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Anything that is wholly and exclusively concerned with the letting and is not of a capital nature.0
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