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?
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.
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