14:16 PM, 9th November 2020, About 11 months ago 20
We moved out of our home on 1st February 2019. Since December 2018, we had advertised the property to let from 1st Jan 2019, and put everything in place to satisfy our mortgage lender’s demands (landlord insurance etc) when we applied for ‘permission to let’ in early December. Our interest rate was increased by 1% by the lender from 1st January (the date from which they granted ‘permission to let’) but the first tenant did not move in until 1st April 2019.
Between 1st Feb and 1st April we incurred costs associated with the property (mortgage interest payments, council tax, water rates, landlord insurance, minor repairs etc.) but did not receive any rental income until 1st April 2019.
My question is: can the expenses we incurred between Feb and April 2019 be offset against the rental income we received in 2019-20, or should I have declared them as a ‘loss’ on last year’s tax return?
I would be very grateful for any advice fellow landlords (or tax experts!) can offer.
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