Tax help to new landlord
Sorry to all if i may seem a little green.
I recently:
Bought Property for £102′500
Spent Around £12′500 refurbishing (including 4 mortgage payments at £570 each)
I would say the property is now worth (Due to refurb) £125′000
Due to interest rate reductions the mortgage payments will be around £490 pcm in the forseeable future.
I have tenants in paying £550pcm (Making me £60 pcm)
Will i bay liable to pay tax at the tax year end??
I know this is a straight forward question to most but i simply don’t know the exact answer…
I would appreciate any help at all….
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