Offset rental income against rent I pay?

EB69

My intention in my original post was to seek opinions, thoughts etc from a group of MSE'ers.

I used the forum some years ago when I had managed to incur shed loads of debt and did not know which way to turn. Due to the invaluable advice, support and assistance of my fellow MSE'ers - experts and very much non-experts - I straightened that situation out and I am now far more aware of needing to be sensible and considering all options when it comes to finances. Like anyone, I have strengths and weaknesses and I am the first to admit finance management is not my natural born talent... in fact I'd go so far as to say I'm hopeless!

Of course, I can read websites as well as the next person but occasionally, just occasionally, someone comes up with a snippet or little gem that I've either missed or misunderstood and I have always been very grateful for all the advice and help received. Which is, after all, the point of a forum. and besides, government websites are v boring... :rotfl:

So thank you all very much for taking the time to give assistance and advice, I hadn't meant to be in any way controversial or seem ungrateful.

Particular thanks for the suggestion re the mortgage company - not sure how helpful they'll be but I can but ask...

Notmyrealname

You did right to ask. Taxation is a minefield and what might seem obvious isn't always necessarily the case.

Fire_Fox

EB69 wrote: »

My intention in my original post was to seek opinions, thoughts etc from a group of MSE'ers.

I used the forum some years ago when I had managed to incur shed loads of debt and did not know which way to turn. Due to the invaluable advice, support and assistance of my fellow MSE'ers - experts and very much non-experts - I straightened that situation out and I am now far more aware of needing to be sensible and considering all options when it comes to finances. Like anyone, I have strengths and weaknesses and I am the first to admit finance management is not my natural born talent... in fact I'd go so far as to say I'm hopeless!

Of course, I can read websites as well as the next person but occasionally, just occasionally, someone comes up with a snippet or little gem that I've either missed or misunderstood and I have always been very grateful for all the advice and help received. Which is, after all, the point of a forum. and besides, government websites are v boring... :rotfl:

Our unqualified opinions don't trump HMRC even if one hundred of us gave it ernestly and convincingly, if you want clarification the Inland Revenue are actually really helpful on the telephone. Whenever you are dealing with anything in the legal arena the absolute best thing we can do is signpost you to get the facts from the 'horses mouth' - people on here can and do advise things that are out and out illegal. If you are hopeless pay a tax accountant to do your returns for the income tax from the lettings, at least as a one off then copy the following year. Running your own business can be boring, boredom is a poor excuse for cutting corners when worst case scenario you get accused of tax evasion.

JimmyTheWig

EB69 wrote: »

I will not be making any profit on the transaction hence my question as to whether tax is payable or not.

I can see valid reasons why you should be able to offset this... but as has been said you can't.

Werdnal wrote: »

having viewed the rules in black and white on a government tax website, you then come and ask a bunch of unqualified strangers for their comments on the subject!

Fire_Fox wrote: »

Our unqualified opinions don't trump HMRC even if one hundred of us gave it ernestly and convincingly, if you want clarification the Inland Revenue are actually really helpful on the telephone

I think asking the question on here can give people a starting point on what to ask HMRC.
One of the bullet points in "Allowable Expenses" in the given link mentions "rent". I understand that this means rent on the property being let out. But if you weren't sure it's worth asking.
If people on here say you can't then it's not worth speaking to HMRC about.
If people on here say you can (and under what circumstances you can) then it's worth checking with HMRC.