No income - lots of costs

[dleader]

Hi I bought a property with my partner last year and have only just managed to let it. Can I set the costs for mortgage, maintenance etc against tax for the period before it was let. This would give me an effective loss for the tax year to April 06 so could this be carried over to next year. Income =£0 costs approx £2K.

Many thanks in advance

David

[Tax Accountant]

Hi I bought a property with my partner last year and have only just managed to let it. Can I set the costs for mortgage, maintenance etc against tax for the period before it was let. This would give me an effective loss for the tax year to April 06 so could this be carried over to next year. Income =£0 costs approx £2K.

Many thanks in advance

David

So long as the costs are mortgage interest and minor renovations to make it lettable, the answer is yes. Also furnishings cost is not allowable. Don't forget buildings insurance premium any arrangement fee charged by the lender.

Ramnik