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UK Property Tax Q&A
UK Property Tax Q&AShould I complete a self-assessment form if I am making a rental loss?
Should I complete a self-assessment form if I am making a rental loss?
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?
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.
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