If any BBSers could help I'd be very grateful - I have the opportunity to work away for a year in the UK and am trying to work out what the tax implications are if I were to take it and rent out our property - there is no relocation settlement just a career opportunity.
Mrs Br5 Eagle and I own our flat in zone 1 (with a mortgage) and are looking at potentially renting somewhere where the rent will be very similar to the rental income we would yield from renting our property out (give or take £100 pcm) but concerned whether this leaves us liable to a tax bill. I know if you are renting you can deduct mortgage interest, wear and tear etc but that would still leave us with a large amount of income which we are unsure if it taxable or not. Can you offset outgoing rent against income? The property we will be renting is our only property.
Any advice would very be most gratefully received.
Mrs Br5 Eagle and I own our flat in zone 1 (with a mortgage) and are looking at potentially renting somewhere where the rent will be very similar to the rental income we would yield from renting our property out (give or take £100 pcm) but concerned whether this leaves us liable to a tax bill. I know if you are renting you can deduct mortgage interest, wear and tear etc but that would still leave us with a large amount of income which we are unsure if it taxable or not. Can you offset outgoing rent against income? The property we will be renting is our only property.
Any advice would very be most gratefully received.
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