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How does rental income from property affect WTC?
baileyraggieyogi
Posts: 21 Forumite
Good Morning
We have been advised to apply for working tax credits, we have never claimed them before but as my husband is self employed we filled out the benefits check online.
I don't understand the 'if you own a property and rent it out' terms. We rent out a property that is in negative equity, we pay £160p.m towards the cost of the mortgage (on top of the rental income) therefore we are not gaining a profit at this point in time.
Does anyone know if they take into account the capital in the house i.e we have none or the £650p.m rent?
Thanks in advance
We have been advised to apply for working tax credits, we have never claimed them before but as my husband is self employed we filled out the benefits check online.
I don't understand the 'if you own a property and rent it out' terms. We rent out a property that is in negative equity, we pay £160p.m towards the cost of the mortgage (on top of the rental income) therefore we are not gaining a profit at this point in time.
Does anyone know if they take into account the capital in the house i.e we have none or the £650p.m rent?
Thanks in advance
0
Comments
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Thank you, very helpful as I havent a clue where to start! x0
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