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Hi Guys

I am about to let out my flat as I have bought a house (2nd mortgage) The rent that I will be receiving each month is under what I pay on the mortgage, I wil be topping up by approx £50 ech month. Will I still have to pay tax even though I am not making a profit?



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You must remember that you can only offset the 'interest paid' and not the capital element of a mortgage - if you have a repayment mortgage you are probably payinf an element of both, however there are various expenses you may pay which could be deductible - council tax, water, buldings/contents insurance, utilities, repairs, and possibly wear and tear allowance if you are letting the property furnished.

See the link for further guidance on renting a property:


You must also remember that you will have to prepare a self assessment tax return each year, declaring your rental income and expenses, together with other income you may receive, for example, employment etc.


Sherena Glanton CTA

(Plym 77)

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