As this site is feqented by greater minds then my own I would like to take the opportunity post a question as I am p*sssed about at the moment by our buyer.
We are in the process of selling our house in the UK and the buyer knows that we are off to Australia once completed us and them have signed the contract for the contrat exchange, but they are not paying the 10% deposit for the contract exchange meaning that this can't be completed and therefore it is not legally binding now they want a reduction on the price and are stalling the process assuming that we are desperate.
Naturally we are not desperate and I wont take this laying down so therefore we have set a deadline pay up before Friday or I use the technicallity that they are playing on to my advantage and take the house of the market and and rent it out. This is something that we should have considdered many months ago as the sums are working out for us.
Now after a long winded intro the question is that allot of items are tax deductable, but what if we end up with more tax deductions then tax liabillity do we get a tax refund of HMR i.e. if we are laible for £5000 and we made £6000 in costs does the taxman pay the £1000?
Any advise would be welcome if anybody is letting out there UK home as I have read threads in the past but can't find them.