imalwayshappy
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The only other ways to reduce it is via capital allowance.
Check here for good breakdown on what that includes and the amounts etc
Landlords – Claim Tax Relief on furniture in your Rental Property
Capital allowances are regularly overlooked by landlords. Many of our new clients are delighted to hear we can reduce their tax liability using claiming tax deductions for furniture and fittings in their home. What is a capital allowance? A capital allowance is just a name for a certain kind of...www.fenero.ie
An extension/attic conversion would be an e.nhancement - allowable against CGT, not income tax.
In any event, incurring a cost just to generate a tax deduction makes no sense.
Are you maximising your pension contributions in respect of your earned (non-rental) income?
Current House | New house | ||
a | Value | 150000 | 250000 |
b | Mortgage | 0 | 100000 |
c | LTV (b/a) | 0% | 40% |
d | Rent (8% yield) | 12000 | 20000 |
e | Interest (100k @4%) | 0 | 4000 |
f | Pre-tax profit (d-e) | 12000 | 16000 |
g | Net profit (f*50%) | 6000 | 8000 |
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