Useful Buy2Let Information & Tips.... 

 

…Allowable Letting “Revenue Expenses” - on your annual tax return, the Inland Revenue will allow you to make deductions against your income tax liability for all expenses incurred ‘wholly and exclusively’ in the course of letting - these are known as ‘revenue expenses’. These have the effect of indirectly reducing your tax burden in real terms from traditional PAYE levels. In other words, you can reduce the amount of tax liable on profit earned in the period, by deducting or ‘offsetting’ on-going “revenue expenses” you may have incurred. For example, lets say your annual gross rental income is £10,000 and allowable expenses are £5,000, your taxable income (excluding further deductions for any personal income tax allowances), is £5,000.

 

DISCLAIMER - we do not offer financial advice - all words are 'information only'

 

 

Mortgage Brokers in Perthshire.... 

 

 

Aberdeen Mortgage Management:-    South St Johns Place, Perth, PH1 5SU

Capital Mortgage Connections Limited:-    Friarton House, Perth, PH2 8BB

Financial Planning Scotland Limited:-    F P S House, Dunblane, FK15 0JE

First Leisure U K Limited:-    Oakbank House, Aberfeldy, PH15 2BL

Tree Root Investigation Limited:-    Unit 4, Perth, PH1 3RL

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