We haven't managed to sell our house in over a year, so thinking about Renting it out.... can anyone give us an answer to how the Tax is deducted as our Agent doesn't seem to know!!??
As a rough guide : Say our Rental was £1,300
Agent app 180
Landlord Ins 48
Mortgage 500 (NB. Mortgage "Interest only Mortgage")
We are told there is no Tax to pay on an "Interest only Mortgage"...... But what Tax would we pay each Month on the above???
We keep getting all different answers!?