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Gosh, so exhausting trying to finish a refurb! Only odds and sods to do but workmen all busy etc. Anyway...
Am hoping to list my London flat end of June.
Will then be looking to get x 2 BTL mortgages on pretty nice 2-3 bed apartments in Glasgow.
Anyone know a bit re the tax laws up there?
Basically, I would expect to tart them up decoratively, but otherwise let unfurnished. I am and still will be a low-rate taxpayer re being effectively retired with only a private pension, hence the need to secure income from rentals.
Broadly, it looks as though, once the mortgage and letting agent has been paid I would be left with approx £8-900 PCM for each flat. But I just don't know how much tax I will have to pay. I do need to get an accountant but would be grateful for any guidance in the interim. My pension will go down if I start to have additional income. I hope the flats/white goods etc won't need too much maintenance as the properties will be in good, smart nick, with new appliances.
Will I be able to claim something for the cost of doing up/equipping/hiring painter etc?
Can't claim mortgage tax relief any more?
If I did gross £19,200 PA - how much do you think I'd lose in tax?
Thanking you all in anticipation...Just that I've seen so many posts where people are saying the typical landlord might make £200 per property and it's got me worried I am missing something!
A couple for starters, LBTT is calculated differently to SDLT. If you will be resident in Scotland, Income Tax is slightly different.
Tenancy regulations are also different.
I have no knowledge of the Scottish PRS but I noticed these differences when looking at the Welsh PRS.
These links are very helpful, thank you Gary. Will get swotting!
A friend of mine who lets one property says I should basically expect tax to take 40% of any 'profit'. Does this seem about right to you?
Tax is very dependent on your overall income and how you structure your investment. I am aiming for a modest income of around £20k, maybe a little more if things go well. It seems there are more tax allowances than I can use at this level so my tax will likely be 0%, I'm not yet clear though what % my accountancy fees will be.
Check out the possibility of BTL mortgages as you may well be surprised. Its getting more difficult and depends upon the LTV . depends upon how much you are putting down and your other income.
Yes, am worried about this re my age/income etc. Though when I sell I should be able to buy a property for me to live in temporarily without a mortgage, so hoping that will satisfy lenders