MetropolitanAnthony
22-11-2010, 00:52 AM
Six months ago I started letting a flat on a 24 month AST. The rent is high. I am certain to incurr a tax bill on this rental income.
To mitigate ( i.e. reduce ) the tax, I declare the mortgage payments I make each month on my tax return.
To furnish the let, I decided to rent high quality furniture at the start of the tenancy by entering into a 24 month furniture rental agreement, synchronised with the tenancy. I therefore make furniture rental payments each month and these payments are an expense which directly supports the tenancy.
Can I declare these payments on my tax return and use them to reduce or even eliminate my tax bill?
To mitigate ( i.e. reduce ) the tax, I declare the mortgage payments I make each month on my tax return.
To furnish the let, I decided to rent high quality furniture at the start of the tenancy by entering into a 24 month furniture rental agreement, synchronised with the tenancy. I therefore make furniture rental payments each month and these payments are an expense which directly supports the tenancy.
Can I declare these payments on my tax return and use them to reduce or even eliminate my tax bill?