Question
Do I still need to complete a self-assessment form if the rental income for a property does not cover the mortgage interest payments and/or other expenses and therefore no profit is made?

Ian Says:

Yes, as you have a source of income that needs to be reported. Also, by claiming the loss this can be carried forward indefinitely and set against rental profits in future years, thus saving you tax in the longer term.

About Arthur Weller

Over 350 consultations successfully completed by Arthur though this site!
Arthur Weller is a Chartered Tax Advisor (CTA) and an integral part of the Property Tax Portal team. He offers a special rate tax advisory service on any aspect of UK taxation, including property taxation, for as little as £97 for a 30 minute telephone tax consultation.

Key Facts:

- Over 90% of queries are answered within 30 minutes and within 3 days!
- Over 300 consultations done by Arthur through this website!
- You pay for the advice after it has been given

Here is what one of our customers had to say:

“Arthur contacted me the next day.  He phoned promptly and offered me clear and concise advice which he referenced to the HMRC website, taking me through section by section and explaining the implications each step of the way.  He also sent me an MP3 recording of the session so that I was able to absorb the information more fully.  I am extremely impressed by his professionalism. Money very well invested as his advice will save me thousands of pounds.  I wholeheartedly recommend his services. Thank you very much.” V. Loughery

To learn more about this service click here.