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> Btl Do I Need To Pay Tax?
mindiawl
post 3.5.2010, 11:36
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Hi there,I hope somebody can help as we are new to all this and we are in the middle of buying a 2 bed property for £73k mortgage is £54,750.00 the deposit is £18.250k made up out of

£4,000.00 Cash from me
£4,000.00 Cash from my partner
£4,500.00 Virgin credit card intrest free 0%
£4,500.00 Egg credit card intrest free 0%
£1,250.00 Barcl credit card intrest free 0%
We will be renting out at £450.00 per month, will we need to pay tax on this or do we not have to, can we use the income to pay back the creadit cards faster, so that there is nothing left each month to pay tax on? Also is this the best way to do it?

Thanks
Meurig
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Lo-Fi Version Time is now: 17.5.2012, 15:15