I will be a brand new landlord soon and wasn't sure if what I'm doing is correct (best for tax reasons)
I have two properties
1) Bought Feb 2017 (£185,000 24% equity) residential for me to live in
2) Bought May 2019 (£150,000 25% equity) buy to let
The buy to let has immediately been snapped up at £1100 a month starting 1st July to students for 12 months.
I'm also getting married in 2 weeks and my fiance bought a property last year
3) Fiance bought Dec 2018 (£175,000 10% equity)
The goal is to change my residential to a buy to let very soon, it will easily be let out for £1,250 a month.
Now I earn £65,000 a year, I'm unsure as to what the best route is for me tax wise. Am I to just pay 40% on everything or is there another option?
I have two properties
1) Bought Feb 2017 (£185,000 24% equity) residential for me to live in
2) Bought May 2019 (£150,000 25% equity) buy to let
The buy to let has immediately been snapped up at £1100 a month starting 1st July to students for 12 months.
I'm also getting married in 2 weeks and my fiance bought a property last year
3) Fiance bought Dec 2018 (£175,000 10% equity)
The goal is to change my residential to a buy to let very soon, it will easily be let out for £1,250 a month.
Now I earn £65,000 a year, I'm unsure as to what the best route is for me tax wise. Am I to just pay 40% on everything or is there another option?
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