Hi, if I rented out my property and the rental income didn't cover my mortgage payments would I have to pay tax on the rental income?
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I would have thought not, since you only pay tax on any profit you make from the rental income and you do not appear to be making any profit.Originally posted by rosiem View Post'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations -
Only the interest component of the mortage though, not the repayment component (if you have a repayment mortgage rather than an interest-only one)Comment
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We (?) pay tax on the profit (not the income): Profit after deducting approved expenses - including mortgage interest (but not mortgage repaymemts...)would I have to pay tax on the rental income?
Cheers!
LodgerI am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...Comment
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Are you a non-resident landlord?Comment
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Reply to Non viewing agreement with FoxtonsTell them you want to unwind the tenancy.
Keep those messages from the other viewers that support your case that the photos are materialy different to the actual condition of the property. If you have photos of the current condition, even better.09-07-2020, 21:58 PM -
I was hoping to get some advice. We recently signed a lease for a flat in the same building that we currently live in as our lease is ending (each flat is privately owned.) We rented it through Foxtons. We never did an in-person viewing because at the time they were not doing them due to Covid-19. We...09-07-2020, 19:40 PM
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Reply to Non viewing agreement with FoxtonsThank you ash72, I don't think an inventory was collected. The previous tenant moved out the day before and they asked us if we wanted to see it (as we live in the same building) before they even did any cleaning. So I am imagining "okay, after they clean the toilet won't be black." But the...09-07-2020, 21:41 PM
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Thanks for the reply. I'm 90% confident on going ahead with filing a claim for unprotected deposit. However I'm afraid that my text message won't suffice as a notice for terminating the tenancy (most people have told me it will hold up in court, but there were a few doubters)....09-07-2020, 21:24 PM
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Sorry if this isn't the right place to post. Desperate for any input on the situation I'm in.
I ended my tenancy early. On the 1st of April I sent my landlord a text message stating that I'd 'transfer [April's] rent' to him, and that it would be my last month spent in the room. I initially...09-07-2020, 20:42 PM -
Reply to Staying put after tenancy endsIt's also worth pointing out that earlier this year I had a rent increase letter from the housing association addressed to myself and my ex, I've also had a letter from a local heating company addressed the same to do a gas safety check.
Thanks, as always
09-07-2020, 21:06 PM -
Hi, new member, so please be gentle with me lol
Okay, so last year (2019) in January my wife moved out of our 3 bed HA property and took the 3 kids (2 of mine and 1 from a previous of hers) with her. After a few months she terminated the tenancy without telling me. The LL also failed to...07-07-2020, 20:54 PM -
Reply to Staying put after tenancy endsThanks everyone for your comments.
In answer to a few points raised;
I have had it confirmed from my ex that she definitely signed a notice to quit back in October.
She said that she was phoned by the housing coach what would have been 20 minutes after my court hearing....09-07-2020, 20:56 PM -
You can apply to your local county court if you think your landlord hasn't used a TDP scheme when they should have. Get legal advice before applying to court. If the court finds your landlord hasn't protected your deposit, it can order the person holding the deposit to repay it to you.
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You would need the possession order to be concluded, so that you get the judgement, once the judgement happens and payment hasn't been received by the T, then you can go for enforcement of the order and raise a CCJ against them.09-07-2020, 20:46 PM
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