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Paying tax

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Author Topic: Paying tax  (Read 94 times)
Newbie
Posts: 1

I like property

« on: August 26, 2020, 03:04:39 AM »

Iíve started renting my old house since Dec 2019 brother in law (helping him out) pays £750 a month. Do i to pay tax to HMRC or is it under if I earn Over £12000 from rent?
Newbie
Posts: 39

I like proper tea

« Reply #1 on: August 26, 2020, 08:49:01 AM »

It counts as income, and if it is your only source of income, and assuming your tax allowance is the usual £12.5k, you will not pay tax on it. if it is income in addition to anything else like a job, benefits etc,it needs to be accounted for to ensure you are paying the right amount of tax to the HMRC (e.g if it takes your total income into a higher tax threshold).

Either way complete a tax return. If you don’t know how to, pick up the phone to an accountant. Deadline for submission is January so you will need to get a wiggle on.

Good luck
« Last Edit: August 26, 2020, 09:04:38 AM by madferret »
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