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retal income taxes and personal taxallowance

Started by queenie_vix, September 02, 2016, 08:28:02 AM

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queenie_vix

Hi All,
I am a newbie landlord, and have found this a great resource, so I am hoping for some advice.

My husband and I are about to go abroad having rented out our family home ( still has a mortgage which is joint). We will both have small incomes for the charitable work we do .

So
Should we both be landlords (jointly) and both register to pay tax on that income individually ( 50% split)
I am hoping that as we will not hit our individual tax thresholds that if we do this we wont pay much tax on our rental income.
Am I mistaken?
Is rental income completely separate from personal tax allowance.

New and naive maybe, please be patient , I will get the hang of this  ;)



Hippogriff

Rental income is just income. It's not logically separated-out in any way. If you are liable for income tax, you are liable for tax upon this income. This income can take you into higher tax brackets, as it may.