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buy to let tax question
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booogle
Posts: 144 Forumite
I have a BTL property which will make a loss of about £2k this year due to it being empty for 3 months and refurbished.
My question is does this loss carry over until the next year or years tax treatment for the investment? Or does it just mean that I will not be taxed (or have tax refunded) on £2k of income from my regular PAYE job.
My question is does this loss carry over until the next year or years tax treatment for the investment? Or does it just mean that I will not be taxed (or have tax refunded) on £2k of income from my regular PAYE job.
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Comments
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It's carried over.
You thought you'd get money back from the Inland Revenue?!
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Well that was what I hoped! Never mind, at least it's carried over. Is it carried over for one year or is there a limit? I think it will be year 3 before the BTL makes a proper profit.0
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IR made a mistake with my tax and gave me a refund for BTL losses - they took it back and charged interest! It is Box 5.45 or something that you tick....on you SA form.0
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Obvious one, but don't forget that you need to declare the loss with the IR so that you may carry for ward the loss to offset against future gains.0
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