Two Questions: Help Please

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    Two Questions: Help Please

    Hi Guys
    I am new to the rental property business and I haven't yet filled-out a tax return detailing my property, so I want to get it right.

    1. I purchased the rental property in part with a repayment (not interest only) re-mortgage on the flat where I live. Am I eligible to claim the interest paid on the re-mortgage against rental income received?

    2. The rental property is in my legal name, but ideally I would like the income paid to me by my letting agent to be treated as received income to the property company I have registered as a business. Can I do this?

    Any help Forum members can offer will be much appreciated.

    Thank You.

    #2
    I suggest you pay for a consultation with a taxation accountant for advice on both questions before doing your tax return. He may need to see your bank statements to verify if the purchase money on the rental property can be proven as coming from your current home.

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