Guest markc Posted November 10, 2008 Share Posted November 10, 2008 As nothings selling in the UK housing market at moment im thinking of letting me house. This will mean I'll be a "non res landlord" and subject to 20% tax on gross income on the rent. If I rent out my house for say £600 a month and my mortgage repayment is 450 a month, do I pay 20% on the full 600 or just the 150 profit? I realise that 20% would be deducted from the full 600 (by the letting agent) but I wondered If id be able to get the rest back at the end of the Tax year. Anyone know? Link to comment Share on other sites More sharing options...
Guest markc Posted November 10, 2008 Share Posted November 10, 2008 Sry folks, bit of research answered my question! I get tax back on INTEREST component of mortgage. Link to comment Share on other sites More sharing options...
Guest Andy and Tracy Posted November 10, 2008 Share Posted November 10, 2008 Hi Mark I let properties in the UK. I have written several threads on exactly what you can claim and how you do it. Check out some of my posts. If you need to PM me though, we are off line tomorrow as flying out on Thursday. Glad to help if I can once settled again. Tracy Link to comment Share on other sites More sharing options...
Alan Collett Posted November 12, 2008 Share Posted November 12, 2008 Complete form NRL1, and the agent will be given the authority by HM Revenue to pay net rentals to you on a gross basis: NRL1 - Application by a non-resident individual to receive UK rental income gross Best regards. Link to comment Share on other sites More sharing options...
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