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Accountant@Work
[email protected], Accountant
Category: Tax
Satisfied Customers: 623
Experience:  Executive Director at [email protected]
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I have recently purchased my daughters rental property from

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I have recently purchased my daughters rental property from her landlord. She will then pay me the rental. I had to remortgage my own property to be abgetötet buy it. What tax vat etc will I need to pay
JA: Have you talked to a tax professional about this?
Customer: no
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: no

Hi, welcome to JustAnswer. I'm [email protected], a UK-Qualified Chartered Certified Accountant with over 15 years of experience. I'll be answering your question today.

This property will be treated as an income-generating property. You will report the rent you receive from your daughter as rental income and claim any expenses you incur on the property maintenance.

You will report these on your self assessment tax return and will be taxed on the profits from "income from property"

I hope I've answered your question? If, however, any part of my response is unclear, please do let me know and I'll try to explain it further.

Customer: replied 15 days ago.
Can I claim anything on the interest I have now pay on my remortgage. And how much is the ta

The rules for claiming interest have changed over the past years. So now instead of being allowed to claim interest costs as expenses to reduce your taxable profits, the HMRC now allows a Residential finance costs relief which basically applies 20% tax rate to the amount of interest paid in a tax year and the tax payable amount is then reduced by the calculated Finance cost relief

I hope the above is understandable?

[email protected] and other Tax Specialists are ready to help you

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