Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • funnymonkey
    • By funnymonkey 6th Jul 18, 9:35 PM
    • 112Posts
    • 15Thanks
    funnymonkey
    Btl income on wtc
    • #1
    • 6th Jul 18, 9:35 PM
    Btl income on wtc 6th Jul 18 at 9:35 PM
    Last year I rented out my prooerty whilst on working tax credits but I'm not sure how to complete the wtc form due in very soon.
    Do I put down only the profit or alternatively 25% of all monies received taking into account 75% tax relief?
    Thank you
Page 1
    • Icequeen99
    • By Icequeen99 7th Jul 18, 10:00 AM
    • 3,563 Posts
    • 2,408 Thanks
    Icequeen99
    • #2
    • 7th Jul 18, 10:00 AM
    • #2
    • 7th Jul 18, 10:00 AM
    Last year I rented out my prooerty whilst on working tax credits but I'm not sure how to complete the wtc form due in very soon.
    Do I put down only the profit or alternatively 25% of all monies received taking into account 75% tax relief?
    Thank you
    Originally posted by funnymonkey
    Tax credit rules were amended so that they no longer follow the tax rules for calculating income from property. You continue to calculate it as you have always done for tax credits (deducting your finance costs when working out your profit). So the figure you give for tax credits will be different that the one on your SA for tax because you can no longer deduct the finance costs as an expense and instead must claim the tax relief.

    IQ
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

235Posts Today

2,679Users online

Martin's Twitter