Topic: tax on rentals (Read 1003 times)

ninjapirate · « **on:** 22 February 2012, 00:20:32 »

quick question, if your paying 40% tax, do you pay that on any rental income?

paul.lovejoy · « **Reply #1 on:** 22 February 2012, 00:30:26 »

i would assume you have to pay tax on any form of income unless you can say its someone elses ie wife etc who may be on a lower tax bracket........i would hope i was wrong but sadly dont think i am 40% is a killer

ninjapirate · « **Reply #2 on:** 22 February 2012, 01:12:59 »

yeh, tbh i think its wishful thinking

paul.lovejoy · « **Reply #3 on:** 22 February 2012, 01:21:19 »

but surely you are able to offset the expense ie interest on morgage payments for the property insurance and maintainance

eg i am self employed but i can offset interest on say my van loan plus any expense within reason required to earn my profit/income

would have thought the inland revenue would have a paper on it

paul.lovejoy · « **Reply #4 on:** 22 February 2012, 01:27:38 »

heres a couple

http://www.property-tax-portal.co.uk/taxarticle43.shtml

http://www.taxfix.co.uk/forum/articles/inland-revenue-tax-returns-for-property-owners.html

http://www.hmrc.gov.uk/manuals/pimmanual/index.htm

good luck

Andy B · « **Reply #5 on:** 22 February 2012, 06:48:20 »

Quote from: paul.lovejoy on 22 February 2012, 00:30:26

...
40% is a killer

But you've got to earn it to pay it

although I don't think the bar is set anything like high enough.

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Author Topic: tax on rentals (Read 1003 times)

ninjapirate

tax on rentals

paul.lovejoy

Re: tax on rentals

ninjapirate

Re: tax on rentals

paul.lovejoy

Re: tax on rentals

paul.lovejoy

Re: tax on rentals

Andy B

Re: tax on rentals