only source of income from property
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Legacy_user
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Why does it matter?
You still have (taxable) income from property (IFP), to be declared on the relevant page on a Self-Assessment tax return.I didn't do it, nobody saw me do it, you can't prove a thing!
Quidco and Topcashback, £4,569
Shopandscan, £2,840
Tesco Double The Difference, £2,700
Thomson EU261/04 Claim, £1,700
British Airways EU261/04 Claim, EUR12000 -
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"Running a property business
You have to pay Class 2 National Insurance if your profits are over £5,965 a year and what you do counts as running a business, for example if all the following apply:- being a landlord is your main job
- you rent out more than one property
- you’re buying new properties to rent out"
https://www.gov.uk/renting-out-a-property/paying-tax0 -
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Gold_Anaconda wrote: »It matters because when it comes to self assessment there is a self-assessment for self-employed and a sell assessment for non-self employed.
Please read before writing pointless comments.
Well in that case it's bl00dy daft, as it makes no difference does it!!
Mind you in won't be the first daft thing HMRC has - a question with more than 2 answers.
I'm therefore going with Yes, put yourself as self-employed. No hang on that doesn't seem right, answer No, you are not s/e. Nope that doesn't sound right either.
Sorry, no idea now :eek:I didn't do it, nobody saw me do it, you can't prove a thing!
Quidco and Topcashback, £4,569
Shopandscan, £2,840
Tesco Double The Difference, £2,700
Thomson EU261/04 Claim, £1,700
British Airways EU261/04 Claim, EUR12000 -
Gold_Anaconda wrote: »An accountancy firm has told me that income from property is not being self-employed. Very hard to get a straight answer to this.
I do not rent more than one property.
I think the answer means that if you have a business of renting properties (i.e. more than 1) then that's clearly a business, so is s/e, but if you just say rent out mum's old house, then you clearly aren't running a commercial business, so it's a no.
Maybe!I didn't do it, nobody saw me do it, you can't prove a thing!
Quidco and Topcashback, £4,569
Shopandscan, £2,840
Tesco Double The Difference, £2,700
Thomson EU261/04 Claim, £1,700
British Airways EU261/04 Claim, EUR12000 -
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If you only have one property then you are not self employed.0
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laticsforlife wrote: »Well in that case it's bl00dy daft, as it makes no difference does it!!
Mind you in won't be the first daft thing HMRC has - a question with more than 2 answers.
I'm therefore going with Yes, put yourself as self-employed. No hang on that doesn't seem right, answer No, you are not s/e. Nope that doesn't sound right either.
Sorry, no idea now :eek:
It does make a difference.
You pay income tax in both cases but if you’re running a property business and therefore treating yourself as self employed then you will also have NIC to pay.
In OPs case it sounds like normal property income.0 -
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