income tax on rental

[raamee]

I also have a property which has been let. I have interest only mortgage, and the rent do not cover the mortgate.

In otherwords the i incur loss on this.

Can i claim this loss against the tax i paid via my employment(paye) and receive the tax i have paid?

[almcd007]

Yes you need to fill in a Self Assessment Tax Form (or better still an accountant - he will charge - but this is also deductable) You will need your P60. Details of the mortage, the rent received, any expediture for the house, plumbing bills etc and then your accountant can calculate what you have overpaid.

I'd look at getting a buy to let mortgage - this may give you a little money at the end of the month for any unseen expense. At the moment you are at a loss every month and if say the boiler goes or something uninsured - you will have to fork out for it. Try and get a two year fixed rate mortgage which will give oyu something extra at the end of the month and one that you can change again in another two years say. Don't forget the mortgage rate has gone up three points in the last 6 months - if it goes up again you will be even more in the red each month.

[Im a BusyBee]

we rent out properties but i understand that the tax paid in employment is a separate issue. the loss from rental can be brought forward to next year on self assessment form but not offset against employment earnings. If i am definately wrong on this i hope someone will put me right as i should be/could have claimed lots back.