UK Landlord Forum / Life

Hi if I take out an interest only mortgage for 250 a month and tenant pays 450 rent, what tax would I pay.....any advice appreciated..thanks

£450 - £250 = £200.  This is added to you existing income and taxed the same.

What ripside said!

Also remember, you can offset your tax against all other bills associated with the property/rental e.g. maintenance, repairs and letting agent fees etc.

can you claim purchase expenses such as stamp duty, solicitor's fee, mortgage product fees, valuation fees etc.?

Not on Income Tax
Only on Capital Gains tax.

thanks riptide, that's what I thought good to have it confirmed