Comments on: Landlords Paying Tax On Rental Income http://www.propertyinvestmentproject.co.uk/blog/tax-on-rental-income-cgt/ DOCUMENTING ONE MAN'S JOURNEY TO BECOMING A PROPERTY MILLIONAIRE Wed, 08 Feb 2012 06:51:20 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Bill http://www.propertyinvestmentproject.co.uk/blog/tax-on-rental-income-cgt/comment-page-1/#comment-126137 Bill Wed, 19 Jan 2011 21:49:02 +0000 http://www.propertyinvestmentproject.co.uk/blog/2007/03/05/tax-on-rental-income-cgt/#comment-126137 Can I just also mention that in relation to the above ("well written" ) article (a) a deduction for wear and tear of 10% of the rents can be made for each year as an alternative to replacement costs of fixtures and fittings etc. (b) costs of accountancy in relation to somebody preparing your account can also be deducted (c) it is possible to claim interest on loans taken out for purposes other than the purchase of the property if the situation is managed properly - albeit within the limits of the interest deduction quoted in the article Can I just also mention that in relation to the above (“well written” ) article

(a) a deduction for wear and tear of 10% of the rents can be made for each year as an alternative to replacement costs of fixtures and fittings etc.

(b) costs of accountancy in relation to somebody preparing your account can also be deducted

(c) it is possible to claim interest on loans taken out for purposes other than the purchase of the property if the situation is managed properly – albeit within the limits of the interest deduction quoted in the article

]]> By: Caroline http://www.propertyinvestmentproject.co.uk/blog/tax-on-rental-income-cgt/comment-page-1/#comment-92584 Caroline Mon, 07 Jun 2010 19:18:57 +0000 http://www.propertyinvestmentproject.co.uk/blog/2007/03/05/tax-on-rental-income-cgt/#comment-92584 I am trying to rent my house out so we can emmigrate. There is a shortfall between the cost of the mortgage and the achievable rent that we will have to cover each month. Does anyone know if we will still have to pay tax on this even if there is less than £0 profit?! I am trying to rent my house out so we can emmigrate. There is a shortfall between the cost of the mortgage and the achievable rent that we will have to cover each month. Does anyone know if we will still have to pay tax on this even if there is less than £0 profit?!

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