Quote:
| Originally Posted by Red-Duc best if furnished or un furnished? I think it is better for tax purposes if furnished but I prefere unfurnished without white goods, Less hassle if appliances go wrong. |
Yes you get 10% of the rent as an expense (10% of rent less anything like rates, water if you still pay them).
Bear in mind also that the day you start renting you are treated as introducing the property into a business at market value normally so any new mortgage you get (even if for buying a new property for yourself) up to that value (including the existing mortgage of course) you can offset the interest against the rental income and hopefully reduce the profit for the tax year....