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I started renting my flat about two years ago, when on contract work. i engageged an agency to manage the tenancy arragements. I recently (December) cancelled the agency which saves me their fee, £100 pm, which allows the surplus income (otherwise the rent just covered the mortgage) .
If useful? the mortgage is a standard mortgage, not buy to let?
I'm back.It seems that your expenses covered your rental income until recently. You would normally be expected to register -assessment and complete a tax return if your net of expenses rental income is £2,500 or more per annum or the pre-expenses rental income is £10,000 or more per annum.What I suggest you do is to get all your rental income and expense records together tax year and work out what the pre-expenses income was and what the post expenses income was. Take a look here types of expenses you can claim against rental income.After working out the figures, call the tax office on the number here, explain your situation and listen to what they suggest. If you do need to register -assessment, you can do that here but I'd try to avoid that if you can. You will only have interest and possibly penalties to pay if you owe any tax which I doubt is the case.I hope this helps but let me know if you have any further questions.
no problem thanks
Sorry, dont want to drag out, but the links you sent dont work ? if you could kindly email me a typed link/s, particularly re 'expenses to claim against' then hopefully we can close. thanks very much.
Many thanks Tony Tax, will cut and paste into browser. Will close with the rating now.