UK Tax Questions? Ask a UK Tax Advisor for answers ASAP
Hi. I don't understand what you mean by excess of expenses over rental Income or the surplus of rental income over expenses from other let property. Can you explain what this means and what I can claim against the tax
If you have an excess of deductible expenses over the rental income you have received you have a loss, not a profit. If you have several let properties, you can net off the losses against the profits in any one tax year. If you have a net profit, you will pay tax on it. If you have a net loss in a tax year, you can carry it forward to offset against the next net rental profit you make in a later tax year.Take a look here for some useful information on letting property and tax.