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Landlord Tax On Rental
Does anyone know the taxation that a landlord would pay on the income if, for instance, the property was mortgaged and the mortgage payment was equal to the rent charged, with no profit being made?
thank you.
thank you.
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The allowable expenses on rent - amongst others
are the INTEREST on a mortgage
so it depends on the mortgage the landlord has taken out
For a repayment mortgage - the firm will give you a form on the anniversary of the date of the mortgage which will quantise the interest and the capital repaid (if any)
onlythe interest is claimable
Even if you think you arent making a profit
that is there is no tax charge
you should stil declare it
simples - PS you are 17 d late for the year ending 4 Apr 2012
The allowable expenses on rent - amongst others
are the INTEREST on a mortgage
so it depends on the mortgage the landlord has taken out
For a repayment mortgage - the firm will give you a form on the anniversary of the date of the mortgage which will quantise the interest and the capital repaid (if any)
onlythe interest is claimable
Even if you think you arent making a profit
that is there is no tax charge
you should stil declare it
simples - PS you are 17 d late for the year ending 4 Apr 2012
.
but of course there may be other expenses allowable
The industry norm for expenses is 30%
http:// www.hmr c.gov.u k/manua ls/pimm anual/P IM2000. htm
but of course there may be other expenses allowable
The industry norm for expenses is 30%
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