I am a higher rate taxpayer and my wife has had a flat purchased in her name only for just over 12 months which we have renovated. It has not been lived in for the duration and she has paid the lower local authority Rates throughout this period. She is currently registered as tax exempt in that she receives no income whatsoever. The renovation has cost approximately £1500 without labour and travel expenses. The plan is now for her to rent the property through a letting agent and we would like to know:
a) What is her tax liability in terms of the rent?
b) can the costs outlined above be offset against any tax bill this year?
c)Are there any other tips or advice to minmimise
future tax bills in this connection as we are new to renting property.
Thanks for a great website
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