I'm no expert but:
I think that the fact that you have a large mortgage is irrelevant as the rent is still taxable income.
You should still be entitled to the personal allowance, the amount of money that you are allowed to earn before you pay tax, which I think is ?8k or so.
Therefore I think you should only pay tax on your rental income once it goes over ?8k.
I could be wrong though!
Posted By: Curnster on December 5th 2014 at 07:28:41
Message Thread
- Anyone know about Tax Returns? (General Chat) - Hongky, Dec 5, 06:59:42
- As a non UK resident you need to register as an overseas landlord (General Chat) - GermanCanary, Dec 5, 17:16:05
- I giylfed it for you (General Chat) - Basil Wrathbone, Dec 5, 08:52:10
- Thanks Basil. (n/m) (General Chat) - Hongky, Dec 5, 15:51:47
- Tony Martin (the one offofonhere) should be around later - he'd know (n/m) (General Chat) - Jumbo1, Dec 5, 07:42:18
- I'm no expert but: (General Chat) - Curnster, Dec 5, 07:28:41
- I think because I'm no longer domiciled the UK I'm not entitled to personal allowance (General Chat) - Hongky, Dec 5, 15:51:23
- I think the personal allowance is around ?10k now. (General Chat) - Pixelman, Dec 5, 08:07:02
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