Tax on Rent Income
06 June 2004, 10:15 PM
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Tax on Rent Income
Evening.
Does anyone on here rent out a property? If so, how are you taxed on the income? Is it simply added to your income and taxed accordingly, or is there a separate method of stealing... I mean Taxation...
Cheers!
Does anyone on here rent out a property? If so, how are you taxed on the income? Is it simply added to your income and taxed accordingly, or is there a separate method of stealing... I mean Taxation...
Cheers!
06 June 2004, 10:30 PM
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Get yourself a copy of ...
http://www.inlandrevenue.gov.uk/pdfs/ir150.pdf
...and happy bedtime reading
But in simple terms, you are correct...but you can take off several allowances as 'expenses' before the tax man takes his share - 10% for wear and tear, all mortgage interest (under certain circumstances), repairs/replacements (not improvements!), travel to the property and a few others...
http://www.inlandrevenue.gov.uk/pdfs/ir150.pdf
...and happy bedtime reading
But in simple terms, you are correct...but you can take off several allowances as 'expenses' before the tax man takes his share - 10% for wear and tear, all mortgage interest (under certain circumstances), repairs/replacements (not improvements!), travel to the property and a few others...
Last edited by MartinM; 06 June 2004 at 10:33 PM.
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