Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.


No announcement yet.

Live in landlord taxable profit

  • Filter
  • Time
  • Show
Clear All
new posts

  • Live in landlord taxable profit

    Hi, I rent out 3 bedrooms out of four in my own home.

    Taxable profit would be income - allowable expenses.

    As there are 3 people renting and I, is this true?

    Would allowable expenses be:

    100% interest on mortgage
    100% buildings insurance
    75% Gas and electric
    75% Water
    75% TV license
    75% Council tax
    10% Maintanance + repairs ((rental income)-75%Bills)*10%)



  • #2
    Another accounts question!

    To be honest, I'd seek to the advice of an accountant on this matter, as they're going to be able to advice better on your individual circumstances not simply with regards to the letting, but also any other factors that may complicate the overall position.

    Sorry I couldn't be of more help, but welcome to Home Move anyway.