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Rental income
Comments
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As this is for the current year the loan interest won't all be claimable as an expense, only 75% of it.
The remaining 25% will get a different tax relief which may or may not have the same effect overall but impossible to say without knowing the op's other income0 -
£19888 from salary.99.9% of my posts include sarcasm!Touch my bum :money:Tesco - £1000 , Carpet - £20, Barclaycard - £50, HSBC - £50 + Car - £1700SAVED =£0Debts - £28500
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? the OP's question is about how to calculate his taxable net profit from his rental business, and he can work that out using the HMRC course linked to in #9So?
his parents are not involved in the business, and so what he pays them for his own board and lodging is utterly irrelevant, so why did you mention it on this thread?0
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