Rather personal question but are you a higher rate tax payer?
If you are you will not be able to offset all of the buy to let interest cost against the rental income received....
In certain cases you can end up paying tax on money that has not really be earnt.
Be wary of the estate agent - they are not looking out for your interests but theirs.
Posted By: JoeyDeacon on June 27th 2021 at 17:57:53
Message Thread
- Mortgage/Financial advice (General Chat) - jonnym6, Jun 27, 17:29:02
- You'll have to pay income tax (General Chat) - RadgeCanary, Jun 27, 18:59:54
- I’m no expert, but there are a lot of things to consider (General Chat) - Under soil heating, Jun 27, 18:30:35
- Great response - thanks. (General Chat) - jonnym6, Jun 27, 18:41:00
- No worries mate. Good luck with whatever you decide. (n/m) (General Chat) - Under soil heating, Jun 27, 19:19:13
- Great response - thanks. (General Chat) - jonnym6, Jun 27, 18:41:00
- I presume in either scenario you are keeping your existing house? (General Chat) - SimonOTBC, Jun 27, 18:22:25
- I'm easily confused but (General Chat) - Jester, Jun 27, 18:16:20
- Rather personal question but are you a higher rate tax payer? (General Chat) - JoeyDeacon, Jun 27, 17:57:53
- I was advised to ditch/sell my rental property when the rules changed for this very reason (General Chat) - gameon, Jun 27, 18:31:13
- I know someone who has done exactly that (General Chat) - jamesward, Jun 27, 17:42:56
Reply to Message
In order to add a post to the WotB Message Board you must be a registered WotB user.
If you are not yet registered then please visit the registration page. You should ensure that their browser is setup to accept cookies.