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Sam, Accountant
Category: Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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i am thinking of letting my flat for £650 per month less management

Customer Question

i am thinking of letting my flat for £650 per month less management fees of 11%. I have a mortgage of £690 per month on this property. I am employed and pay 40% income tax. I will rent another property for £500 per month. My question is what income tax will I be liable for from letting my property on a monthly basis?
Submitted: 3 years ago.
Category: Tax
Expert: replied 3 years ago.
Hello and welcome to the site. Thank you for your question.

Please advise if the mortgage figure of £690 is all interest or interest and capital. If repayment mortgage then what is the interest element within £690.

As far as the second property is concerned,is there any interest payable on it?

Many thanks