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flat rented out but thinking of selling
razdaz
Posts: 6 Forumite
Hi all
1st post so i will try and make sense.
I have been renting out my flat through a letting agency for 1 year 5 months now and am thinking about selling it. Due to the letting agencies rates and quite a high mortgage i have made a loss on most of the rental time.
My current mortgage outgoing is 791.00 although i am paying extra on top to being down the balance. the rent coming in is £800.00 - £94 fees = £706.00.
I do have an accountant who sorts all the bits and bobs out and noticed my tax code has gone up.
If i were to sell the property now would i be liable to all sorts of taxes? f so would i have to move back into the property for a set amount of time to cancel these out.
As you can tell i am not to clued up on the subject and glad i found this place
I hope i am not being to vague and will give more info if needed.
Thanks
Razdaz
1st post so i will try and make sense.
I have been renting out my flat through a letting agency for 1 year 5 months now and am thinking about selling it. Due to the letting agencies rates and quite a high mortgage i have made a loss on most of the rental time.
My current mortgage outgoing is 791.00 although i am paying extra on top to being down the balance. the rent coming in is £800.00 - £94 fees = £706.00.
I do have an accountant who sorts all the bits and bobs out and noticed my tax code has gone up.
If i were to sell the property now would i be liable to all sorts of taxes? f so would i have to move back into the property for a set amount of time to cancel these out.
As you can tell i am not to clued up on the subject and glad i found this place
I hope i am not being to vague and will give more info if needed.
Thanks
Razdaz
0
Comments
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That's nothing to do with you renting out property. They are two different categories of income. (assuming it's not a holiday home)......I do have an accountant who sorts all the bits and bobs out and noticed my tax code has gone up......
Depends on whether it was you home previously and what profit you would make on selling it. Again, the rental income is nothing to do with the taxable gain (if any) on selling......If i were to sell the property now would i be liable to all sorts of taxes?.....A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
cheers for the reply bob
i was in the flat previously for 6 years and would make roughly £900000 -
I think you are OK as it counts as your PPR. There is an allowance of +3 years because you lived in it as your PPR previously so there's no tax to pay. Although do check with your accountant.cheers for the reply bob
i was in the flat previously for 6 years and would make roughly £90000A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0
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