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tax on BTL
Comments
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I am not "arguing over pennies" - OP is asking about how much tax is payable under the NEW changes, so you quoting the old rules (and yes 15/16 is now "old") is irrelevant and wrong. It is not about pennies, it is about what is correct, your information is helpful but incorrect!Alias_Omega wrote: »^Your arguing over pennies..
1) The OP states that income would be £525 per month. You must have a different number of months in your year to have a rental income over £10000.
2) 10% wear and tear. Were in the 15-16 FY for Tax Returns; currently not applicable. Even if it were its £630 less to deduct from the profit. A could factor in a few things to eat that...nevermind taking the 99/1% income route.
3) £2000/£2500. Well now you've stated its £2500 then that covers the extra £650 from item no 2.
you said 2,000, I have merely quoted the entire rule so the correct (full) context is shown.
Nowhere have I referred to 10k total rent, as I consider the OP can do his own maths once he is given the relevant rules0
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