9:29 AM, 6th July 2021, About 11 months ago 3
I am a live-in Landlord and the property is a licensed HMO. I rent out 5 bedrooms and have 1 for myself.
Does anybody have any idea how much personal use adjustments I should make for tax purposes. Last year my utilities, mortgage and repairs were around £20,000. I took off £5000, for personal use and claimed the balance against the rental income. I cannot find anything online that states how this is worked out.
Should it be done by bedrooms or square feet?
Any advice would be appreciated
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