Hi all
This is a question for all you tax and financial boffins out there!!
Im sure these questions have been asked before, but thought I'd ask them all together so i can try and understand the pros and cons of renting:
1. I understand that if we left our UK property and rented it out, we would have tax to pay - however, I believe you can offset certain costs against the rental income, such as mortgage, house insurance, agent costs etc. Is this correct?
2. I have been told we would need to fill in form NRL01 for the Inland Revenue (non-resident landlord) and declare our income on this. Is it just the income from UK rental property we would declare?
3. Assuming the money we would earn in Oz would not need to be declared on UK tax forms, as we would already be taxed on this in Oz?
4. Similarly, the money we would earn (actually nothing really, doesnt even cover our mortgage payments!!) in the UK would not need to be declared in Oz, coz we are paying UK taxman?
Are there any other implications, or pros or cons that anyone can think of, that I havent, that you can give advice on too please?
Many thanks, brain-boxes!!!
