Claiming expenses on house rental

paddles

How does this work? Do you get 41% back on expenses if you are a landlord? And re. tax on rent, is it 41% of all of the rent received?
I pay 41% tax.
Is there any off-set at all off rent paid on an alternative property at all if that becomes your new (if temporary) home?
Thanks

3DataModem

You pay tax on profit at 41pc.

Profit = Rent less expenses

Expenses = Some of the interest on loan (currently 75pc) plus anything else you spend.

As a tenant you get tax relief on your rent, but it aint much.

You definitely CANNOT offset your rent paid against rent received.

So renting out your place and renting out a place can be expensive, unless you have a big mortgage.

greendom

3DataModem wrote: »

You pay tax on profit at 41pc.

Profit = Rent less expenses

Expenses = Some of the interest on loan (currently 75pc) plus anything else you spend.

As a tenant you get tax relief on your rent, but it aint much.

You definitely CANNOT offset your rent paid against rent received.

So renting out your place and renting out a place can be expensive, unless you have a big mortgage.

On anything you spend except for capital expenditure. You will only be able to claim for that by offsetting capital gains when/if you sell the place.

duckysauce

3DataModem wrote: »

You pay tax on profit at 41pc.




So renting out your place and renting out a place can be expensive, unless you have a big mortgage.

or if the place you are renting is very cheap