8:59 AM, 4th June 2020, About 4 years ago 9
I am hopefully going to buck the trend by asking for advice prior to purchase. I usually see lots of comments about people who have already purchased and why they shouldn’t have done it like, that but like this!
Anyway, I am thinking of buying a flat for around £70K. I already have 2 other flats (purchased outright) and I am probably going to put down a £15K deposit and finance the rest.
I plan to use this flat for personal use, weekends and some holidays, but also have it as an AirBNB my aim is for the rental to pay for the mortgage and keep it tax neutral as much as possible as I am a 41% tax payer in Scotland.
Would this be viable? My other flats make around £10K profit yearly and I do not want to pay even more tax.
As ever I welcome the well informed members of Property118 to point out any pitfalls, bear traps, unexpected tax bills Etc.
Thanks in advance