Omega Owners Forum

Chat Area => General Discussion Area => Topic started by: ninjapirate on 22 February 2012, 00:20:32

Title: tax on rentals
Post by: ninjapirate on 22 February 2012, 00:20:32

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

Title: Re: tax on rentals
Post by: paul.lovejoy 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

Title: Re: tax on rentals
Post by: ninjapirate on 22 February 2012, 01:12:59

yeh, tbh i think its wishful thinking  :o :(

Title: Re: tax on rentals
Post by: paul.lovejoy 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

Title: Re: tax on rentals
Post by: paul.lovejoy 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 :y

Title: Re: tax on rentals
Post by: Andy B 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.  >:(