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Old 04.04.2007, 23:18
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TonyBhoy TonyBhoy is offline
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Can anyone help with a UK tax question?

Can you help me folks.

I have a flat in Glasgow and am renting it to a friend just to cover the value of my mortgage payments. I am making no profit on it at all, a loss actually. My calender monthly income is 400, so 4800 per year. I have received this since August '05. I know that I would be entitled to a large tax rebate for the tax year 05/06 but I'm scared to ask for it as I dont know if they will take it out the other pocket in taxes I should have paid on my rent income.

Can anyone give me an answer as to whether I should be paying basic rate tax (22%) or would I be entitled to some tax free pay. Is it also possible that since the amount is so little, they wont claim it from me?

Thanks for any help you can offer
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