UK Landlord Forum / Life

Hi,

I am new to this site but am looking for advice really.

For the last 2 years I have been renting out my house and have not paid my tax bill.  I realise this isn't the most honest thing to do but am now trying to make ammends.

Questions:

Do I only pay tax on the "profit" I make from renting my property out?

I also have a full time job, so will it be taken into consideration when I declare the profit I have been making on my property?

I know that I can claim back "allowances" but stupidly, I haven't kept my receipts.....will bank statements be sufficient?

I have tried to look on the internet before I posted this message and believe that I know the answers but just need clarification.  I will obviously be talking to a financial advisor as well.

Also, I read on this website that if I created a company, then I can make this property part of the company and potentially pay even less tax...does this apply if I have only one property out to rent?

Any advice would be much appreciated and a massive thanks in advanced!!!!

Hi easyna,

You really need to speak to a tax specialist. However, you should read this page:

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_10013435

I think it has all the answers you need.

I hope that helps!

Would suggest you speak with an accountant without delay!

Jools

Quote from: propertyfag on May 13, 2009, 08:28:10 AM
Hi easyna,

You really need to speak to a tax specialist. However, you should read this page:

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_10013435

I think it has all the answers you need.

I hope that helps!

very useful post thanks for share with us buddy

Looks like the thieving, scheming, trough hugging scum bag politicians have one rule for themselves and we mere mortals get shafted evary time according to the page from direct.gov. Can't wait to leave this country as it is going to become a banana republic soon.

Jools

PS - did I say they were lying, pond dwelling, bottom feeding arseholes?