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Rental income

 
(@yetti1982)
Active Member Registered

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 

Quote
Topic starter Posted : 28/11/2023 3:43 pm
(@bill337)
Illustrious Member

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:

https://m.facebook.com/groups/239699060076601/?ref=group_browse&paipv=0&eav=Afawo-LkGJZYDu1gVVKCR7aXUM65Se0I1lxG3TWwbhkOBD8RDCchKhhc435i2xp8NL4

 

 

ReplyQuote
Posted : 28/11/2023 5:15 pm
actd
 actd
(@actd)
Illustrious Member

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.

ReplyQuote
Posted : 01/12/2023 11:25 am
(@yetti1982)
Active Member Registered

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 

ReplyQuote
Topic starter Posted : 01/12/2023 11:50 am
actd reacted
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