Hi, I own a half share of my mums old house which my sister and I want to rent out. 2 questions.
1. Do we each get the £1000 tax allowance on half the income.
2. I need to repair the garage roof which is hanging off and is made from asbestos, I assume this will be an allowable expense so the £3000 we need to pay will come off the income too eg 6000 income from rent for the year = 3000 each to me and my sister -1000 allowance each - half the cost of the repairs so -1500 = 500 income for the year but... what if I have it repaired early feb and no tenant till april(next tax year) can I still deduct the cost of the repairs. Theres no tenant in this financial year.
Thanks for any help
Eddy
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