I am preparing my rent account for the first time and have some questions in relation to my tax return as the property was originally a PPR.
There was top up loan taken out in 2006. Is 75% of the interest paid on this allowed as an expense? It was used to purchase another property which was sold in 2008. Never cleared, instead paid off some short term debt and made some improvements to said property albeit only small amount. I understand that only loans for improvements to the property can only be used but is there a case for this top up is now used an investment mortgage as of 2011?
Can I use the mortgage protection on said top up?
How do I cost furniture and appliances that were already there before transferring to an investment property for capital expenses?
The NET profit is less than 3175, can I pay using PAYE Anytime, was only rented for 5.5 months so profit is lower for 2011?
Any help would be appreciated, thanks.
There was top up loan taken out in 2006. Is 75% of the interest paid on this allowed as an expense? It was used to purchase another property which was sold in 2008. Never cleared, instead paid off some short term debt and made some improvements to said property albeit only small amount. I understand that only loans for improvements to the property can only be used but is there a case for this top up is now used an investment mortgage as of 2011?
Can I use the mortgage protection on said top up?
How do I cost furniture and appliances that were already there before transferring to an investment property for capital expenses?
The NET profit is less than 3175, can I pay using PAYE Anytime, was only rented for 5.5 months so profit is lower for 2011?
Any help would be appreciated, thanks.