Hi everyone,
I have a flat where I am currently living and I have another house which I bought 3 years ago and have had no mortgage on it. Until now I made a loss from rental income due to having a bad tenant which caused me nightmares. However I am expecting to make a profit next year. I am full time employed and salary is in 40% tax bracket. My wife on the other hand do not work at all. Our rental house is on my name.
What would be the best way to stay legal and submit tax return for next year with tax savings?
Is there any legal way if I can utilize all of my Mrs tax free allowance?
Many thanks in advance.
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