Hi all, I am currently still studying but have been asked for some advice and said i would try and find out.
My friends are both employed and pay tax through PAYE, they have recently bought a property on a buy to let in joint names. They purchased it in November 2013 and put 25% down. They have made mortgage payments since then.
They rented it out in February 2014 and have received monthly rent income since.
The questions they have asked are:
Do they both need to register with the HMRC?
Does a tax return need submitting for 2013/2014?
Are decorating costs etc classed as expenses (they asked about solicitors fees but i knew it was capital costs..... the only answer i could give )
Even it was let-able as it was, Rob? I know I've heard its wise to move in and then do redecorating... I didn't think a bit of wallpaper and paint would have to be capitalised
)
