Hi all,
Tax newbie here - apologies!
I have 2 properties.
1 - I reside in. Repayment mortgage. have had for 4 years. Purchased for 250k, has 225k outstanding mortgage and now worth about 400k
2 - Is a buy to let property that i have had for coming up to 2 years. Purchased for 187k - outstanding mortgage is 139k. If i extend the lease the flat is probably worth around 290k (investing 18k in doing so). If I don't extend the lease it is probably worth around 260k
I want to sell both properties to fund buying our new home.
This year my wife put down the earning for the property on her tax return. As she was between jobs, she essentially paid very little tax in total.
My salary is around 60K. My wife is now working again and her salary is 27K.
How should I go about things? How much tax will i need to pay? Is it financially better to not renew the lease?
Thanks,
AS
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