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I am new to property tribes
I have a residential property and flat I rent out
To be honest I have not been as clued up on the new tax laws as I should have been and how they are going to affect me
I am looking to rent out my residential property and rent out a smaller property for 6 months to start as my job requires a lot of travel and I am hardly ever at home
I am a higher rate tax payer
I am seeking out the advise of an accountant
Could you please advise me on what portion of the rental property would be liable for tax? I am aware that the changes are staggered till 2020
Would it be the whole amount or do we get a relief on repairs, maintenance and other bills eg service charges etc
Thanks a lot and have a good day!
Hi Hicks and welcome.We have the perfect resource for you:What is Section 24 for landlords?It contains all our discussions that provide answers on this topic.Every penny of income through property or indeed any other activity is subject to tax. There is declining staggered relief on your mortgage interest. Your annual accounts work out how much tax you owe and take into account any tax allowances that are applicable to you and your circumstances.Claiming on expenses is a separate issue to getting relief on your mortgage interest. They are not related.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thanks a lot Vanessa
Will go through this and see how it affects me
This Calculator will help you
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Many thanks for the speedy response
I spoke to HMRC recently to ask about when I needed to submit my tax return, I have one buy to let and only started renting it after New Tax year in April. The lady on the phone said something about having a tax allowance on the first property of about £7000.00 I haven’t seen anyone else comment about it on this site? Can anyone else confirm this.
i have not seen an allowance for 7k allowance for btl property
she could be getting mixed up with a rent a room but I could be wrong
If your rental property was your main home on 6th April you may well qualify for the Rent A Room allowance of £7500 for that year. If you have never lived there you will not qualify. The nitty gritty stuff below...
This is Rent a Room