how to get tax rebate for renting out

Soldierearth54

00ec25 wrote: »

rubbish - you can deduct allowable costs from your rental income and end up with a (taxable) loss from day one. The only restriction is that all you can do with a proieprty related loss is carry it forward to offset against future profits, you cannot offset a loss against any other taxable income (eg income from your job)

OP it really does sound like you have no idea what you are doing and should seek professional advice asap before HMRC catches you and you face penalties

gross rent received - allowable costs = taxable net profit
you must declare to HMRC any amount of gross rent even if its only £1. You must complete a tax return if your net profit is >£2,500 or your gross rent is >£10,000, if under either or both of those figures you still need to inform HMRC and its up to them how they require you to supply your information, could be by letter or could be by a formal tax return

Calm yourself down!

I've not even had photos taken of the flat that I WILL be renting. Again, I'm just asking for advice. If you only want to pass judgement find a different thread.

Soldierearth54

BitterAndTwisted wrote: »

If you'd read the responses correctly and understood them you would know that you can't "claim". You offset this expense against rental income when you do your tax-return.

That's if you are a landlord. The use of the term "renting" as opposed to "letting" suggest that you're not a landlord at all but a tenant

I was replying to Bigadaj, not you!

G_M

mickp67 wrote: »

I was replying to Bigadaj, not you!

You asked a question. bitterandtwisted answered it.

Calm yourself down!

I've not even had photos taken of the flat that I WILL be renting. Again, I'm just asking for advice. If you only want to pass judgement find a different thread.

Your initial post gave the distinct impression you had already let the property - hence the concern expressed here that you had got a long way down the road whilst still apparantly having only very basic knowledge. You said "I recently had someone completing an EPC on a property I'm renting."

dimbo61

You can also offset the cost of using an accountant against the rental income you get.
Might be a Wise investment !

00ec25

mickp67 wrote: »

Again, I'm just asking for advice. If you only want to pass judgement find a different thread.

you were given advice by several posters and i told you exactly how to "claim", yet your next comment was

mickp67 wrote: »

Thanks. How do I go about claiming?

I refer you back to this one...

BitterAndTwisted wrote: »

If you'd read the responses correctly and understood them you would know that you can't "claim".

rather than come on to a forum why not use google if you are going to insult the people helping you
here is the basic start point, there are 6 sections,
https://www.gov.uk/renting-out-a-property/landlord-responsibilities

and here is the advanced users start point
http://www.hmrc.gov.uk/manuals/PIMMANUAL/Index.htm

Soldierearth54

00ec25 wrote: »

you were given advice by several posters and i told you exactly how to "claim", yet your next comment was



I refer you back to this one...



rather than come on to a forum why not use google if you are going to insult the people helping you
here is the basic start point, there are 6 sections,
https://www.gov.uk/renting-out-a-property/landlord-responsibilities

and here is the advanced users start point
http://www.hmrc.gov.uk/manuals/PIMMANUAL/Index.htm

I find it funny you think I was insulting people. I find it even funnier that you think I insulted people that were helping.

I thanked the people that helped without judgement. The rest of you were so quick to jump on the fact I used the term renting instead of letting that you made assumptions and passed judgement.

It's all very smug and self righteous for people to give out their advice and expect it to be acceptable to pass remark and judge.