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midomidi2013

 

<p>Property letting and taxation</p><p>&nbsp;</p>

H,i I have a question regarding property letting and taxation.

I have recently purchased a flat with a buy to let mortgatage that I have let through an agent. The rental income is £650 a month and the mortgage is £370.0 amonth. Am I correct in thinking that due to the low return less expenses and management charges that I do not need to declare the income for tax purposes ?

Many thanks.

Hi

 You will need to declare all the income that you receive and then itemise all the expenses associated. One will then potentially cover the other, but You cannot just informally write one off against the other. It all needs to be listed and documented.

Regards

 

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