G
Gary
Guest
Hi all
I'm looking for some advice on my current situation.
My partner and i bought a house as our private principal residence and we have been using it as such for the last two years.
Now we want to rent it out as we have decided to go back to college etc,so where do we stand tax wise.
I've heard we will pay to pay the stamp duty that would have been due on the origonal selling price less vat?
Is this right and what tax am i liable for on the rental as it only just covers the mortgage.
As we will not be earning much will this have any impact on the tax due.
Any help would be greatly appreciated as i want to do this 100% legal as i dont want the revenue banging on my door in a few years.
Regards
Gary
I'm looking for some advice on my current situation.
My partner and i bought a house as our private principal residence and we have been using it as such for the last two years.
Now we want to rent it out as we have decided to go back to college etc,so where do we stand tax wise.
I've heard we will pay to pay the stamp duty that would have been due on the origonal selling price less vat?
Is this right and what tax am i liable for on the rental as it only just covers the mortgage.
As we will not be earning much will this have any impact on the tax due.
Any help would be greatly appreciated as i want to do this 100% legal as i dont want the revenue banging on my door in a few years.
Regards
Gary