Tax return - Confused

[Jay]

I have a rented property, they make you do your full tax return for it.

[scaryjim]

ah yes, that'll do it hope you're a better landlord, or have a better agent, than our current one...

[peterb]

I have a rented property, they make you do your full tax return for it.

If your allowable expenses exceed your income on the property, that could give possibly rise to a tax rebate. £200 tax equates to about £1000 of income at the Basic Rate.

[cheesyboy]

If your allowable expenses exceed your income on the property, that could give possibly rise to a tax rebate. £200 tax equates to about £1000 of income at the Basic Rate.

Rental losses can't be set against other income - only carried forward to use against future profits.

Tax code may have been adjusted to take into account expected rental income based on previous year profits - a rental loss this year could therefore mean too much tax has been deducted from his salary.