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Old 13.10.2020, 17:29
NewInSchwyz NewInSchwyz is offline
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Declaring Uk home for tax benefits

I m quite new here so I hope someone can at least set out their circumstances to help me decide what to do

I have a property in the Uk and it is empty. Cost was 1.2 million sterling and mortgage is 750k left. The interest to service the mortgage is 1k a month

I am confused about whether it is a net benefit or negative to my tax return which I plan to do.

On the one hand I heard maintenance insurance and utilities can be deducted and those can amount to 10k a year easily. Fitting a new kitchen etc could easily cost 50k

On the other hand I am taxed as renting this out from myself

Does anyone have any figures they can share about whether having a 1.2 house in London would result in income and therefore tax increasing or decreasing. Wealth tax is peanuts so thatís not relevant to this discussion
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