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I've started to rent out my property in September I earn £750 a month in rent my mortgage payments are on a repayment mortgage and are £442 a month
But when it comes to my next cms review in February with all the costs I would have earned any property
I also don't have to submit a self assessment tax return until 2025
So can this be included in the calculation and if so do you deduct the interest from the monthly income?
Thanks
Hi,
Situation with rental income:
Rental income and income from savings and investments are not automatically included when assessing gross income. You(recieving parent) will therefore need to consider making a variation application to ask for this income to be included.
More info: https://www.gov.uk/how-child-maintenance-is-worked-out/ask-other-income-expenses-included
Am not sure about interest deductions. Recommend you join this support group for paying parents:
One question, although you don't have to submit a self assessment tax return until Sept 25, is there anything to stop you from doing one earlier? If they allow this (and I really don't know if they do), HMRC will have updated records.
Thanks for the reply
The deadline for the self assessment is Jan 2025 so I can submit it but it won't update and show until April 2025 that tax year
Thank you
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