HMO Tax

[byterider]

Hi there,

Can anyone recommend some good literature on HMO Tax benefits?

I currently have 3 HMO properties, 2 have been purchased within the last 6 months and the third was my own residence and still has a residential mortgage on it.

It is likely 2-3 more will be added in the next year so I need to get on top of the tax side of things ASAP.

regards,

James

[wamstax]

Basically the answer is for you to meticulously record all your income and expenditure in relation to each property and then get a decent tax adviser to help you through the deductions minefield for your first tax return and to help reduce your tax exposure in advance by providing advice in relation to things like maximising loan/mortgage interest releif on purchases (including your ex-residence)

[byterider]

Thanks for the reply. I was hoping someone could clarify this plant and machinery rule for HMO's, I was after some literature on that. It seems rather odd that as soon as a house becomes an HMO that all content in the communal areas can suddenly become tax deductable.

[Phlash]

You can forget that, you're too late, the window of (dubious) opportunity has closed.