Updating post from Reddit.

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Posted by statelessghost 1 week ago
Moving abroad.. Letting out flat

Hi folks, hoping your experience can help some of my assumptions below. Sorry it’s a bit of a ramble!

I am moving abroad due to work and want to keep my flat. I’m aware of the mortgage issues and I can keep my current terms with HSBC, next renewal would have to shift to BTL. I have over 40% equity so not as issue?

If I rent my flat for 3k a month, Assume 10% to estate agent £300. ( I have EPC b rating valid and Electrical report).

  • Can I get tax relief for 100% of my flats service charge ?
  • Can I get tax relief 100% of my flats ground rent against any profit?
  • my mortgage is £2000 a month, £1000 is repayment. I can claim £200 for tax relief under the 20%
  • Can I get tax relief on estate agent fees?
  • Can I get tax relief on all repairs ?

    • I would have an accountant do all of this for me per year. Is there anything else from a financial perspective I am missing? I own the property it’s not owned by a company.

    Is there anything else ?

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    Posted by MissKatbow 1 week ago

    This will be a good guideline for you https://www.gov.uk/guidance/income-tax-when-you-rent-out-a-property-working-out-your-rental-income.

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    Posted by statelessghost 1 week ago

    Perfect, thank you!

    Reply