Owning your own home

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chrisbmx116

Can anyone explain to an idiot (me) the implications of the changes in BTL properties coming in 2020? Am I right in assuming I would pay tax on every penny paid in rent? @40% as it would be highest tax bracket I’d guess? How much would that work out a year?

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laner in reply to @chrisbmx116

I may be wrong ( i hope not) but you can still dont pay tax on repairs and any agency fees.

So just work out assumed rent profit after those, take away 40 percent. If that doesn't cover your mortgage then you're in trouble.

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Howard in reply to @laner

you can still dont pay tax on repairs and any agency fees.

The taxable income from the property is £income - £costs except finance costs . So kinda yes.

it's a mess, frankly, and they only got away with it because people don't feel sorry for people who own more than one residential property.

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