2007-07-17 07:43:31 · 5 answers · asked by Bima 1 in Business & Finance ➔ Taxes ➔ United Kingdom
if by rental shortfall you mean the debt is £450 and the rental income is £400 giving you a rental shortfall of £50 then no you can not, unless the property is part of your declared income and you intend to pay tax on the profit when you sell it example you pay the interest which is tax recoverable but when you sell the property you make £50k profit you will pay tax on the £50k less your losses on rental shortfall. If you move into the property it and it is your main property then it will be free of tax but always worth talking to a accountant.
2007-07-19 06:29:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Phrase a proper question and you'll get a proper answer.
A tax return is a form on which you RETURN to HMRC details of your income.
Do you mean a tax rebate?
What is rental shortfall?
2007-07-18 12:49:49 · answer #2 · answered by Do not trust low score answerers 7 · 0⤊ 0⤋
You only have to pay tax on the rent you actually receive.
If a tenant is due to pay £5,000 rent a year but leaves owing you £1,000 then you only have to show rental income of £4,000 on your tax return. And that is the sum you will pay tax on. If you have spent money, say, on using a debt collector to chase the arrears then you can offset the costs against the rental income.
2007-07-17 17:37:31 · answer #3 · answered by Peter Bro 2 · 0⤊ 0⤋
No you cannot it is similar to a business that loses money one year then expects a tax refund.
2007-07-17 22:38:24 · answer #4 · answered by realdolby 5 · 0⤊ 0⤋
no you can't, but you can offset your losses against the next years profits if you prepare your tax return correctly.
speak to an accountant
2007-07-18 08:56:59 · answer #5 · answered by Pat 4 · 0⤊ 0⤋