Hi me and my partner are moving into together and renting her property out, she is very nervous about declaring income correctly. So reading different views on forum im wondering if anyone can help, she is in a low income job £4-500 per month so i dont believe the tax issue is massive.
Do we declare the full income or the income- the mortgage cost i.e just profit, do we include and mortgage costs as expenses?
Can we claim gas and electrical safety checks as expenses?
I will do repairs on the property myself, including looking at purchasing new carpets (as the existing are ropey) can i offset this.
We will have landlord insurance can this be offset.
Basically as i suppose everyone who rents we want to make sure as much money goes in our pocket as possible and as little goes to HMRC whilst also being comliant. Any help and guidance will be greatfully recieved
Do we declare the full income or the income- the mortgage cost i.e just profit, do we include and mortgage costs as expenses?
Can we claim gas and electrical safety checks as expenses?
I will do repairs on the property myself, including looking at purchasing new carpets (as the existing are ropey) can i offset this.
We will have landlord insurance can this be offset.
Basically as i suppose everyone who rents we want to make sure as much money goes in our pocket as possible and as little goes to HMRC whilst also being comliant. Any help and guidance will be greatfully recieved