Hi,
I know there have been a number of treads similar to my question, I read a number of posts, but still a bit unclear. Any information is greatly appreciated!
Both myself and my husband are currently residing abroad - he works, but pays income taxes in the country of our current residence. I do not work. Therefore neither of us are PAYE.
We have just rented out our family home for much less than the mortgage repayment (almost half of our monthly mortgage payment). This is due to house value great depreciation and some other aspects.
We are not using any agency as we know the tenants personally.
I understand that I need to register as a landlord. Can you please advise if we have to pay any income tax if the mortgage repayment is much greater than our rental income?
Thanking you in advance!
I know there have been a number of treads similar to my question, I read a number of posts, but still a bit unclear. Any information is greatly appreciated!
Both myself and my husband are currently residing abroad - he works, but pays income taxes in the country of our current residence. I do not work. Therefore neither of us are PAYE.
We have just rented out our family home for much less than the mortgage repayment (almost half of our monthly mortgage payment). This is due to house value great depreciation and some other aspects.
We are not using any agency as we know the tenants personally.
I understand that I need to register as a landlord. Can you please advise if we have to pay any income tax if the mortgage repayment is much greater than our rental income?
Thanking you in advance!