Hi, I have purchased a house on a capital repayment mortgage as this is somewhere I plan to live in a years time. The mortgage is £830/month and I can't remember the exact split but let's say £500 is interest and £330 is capital. I have tenants moving in this week who will be paying £900/month and agents fees are £35 a month. What will my tax obligations be, I'm getting confused with what my profits are and what will be taxable income. There is also the property allowance I've seen although need some further advice. I earn £51k in my job so am just in the HR band. Please can someone advise on my potential tax liability so I can set this aside.
Thanks
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