Can I Receive Gross Rental Income from Property Agent?
Question I wish to rent my apartment for a period of one year while I rent near to my friends in Spain. I am told by the property agent that they will deduct the full amount of tax (as I am a taxpayer) from the gross rental income they pay me on a month by month basis. I do not wish them to do this because of the following reasons:-
a. I pay a considerable amount of management fees and ground rent, boiler maintenance and other expenses which I feel should be offset against tax.
b. As they will only take my property on an unfurnished basis I will also have considerable expenses storing my furniture. I am treating this whole escapade as an elongated holiday and in fact will be leaving all bank accounts and my personal business in the hands of my son. I only intend to take pocket money with me. It would be better if I could just do a tax return at the normal time when I know what other expenses I may incur as a result of letting my property. Could you please advise me on all these matters? Also, I am a pensioner - don't know if this makes any difference!
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