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Tax on rental property profit
kakabiss
Posts: 7 Forumite
in Cutting tax
Hello Gurus,
Could somebody explain it to me how to calculate tax on profits coming out of rental property? I can find a lot of information on how to calculate profit but how do I roughly calculate tax on the profits? Also whats the procedure of filling tax for rental profit to HM Revenue.
Could somebody explain it to me how to calculate tax on profits coming out of rental property? I can find a lot of information on how to calculate profit but how do I roughly calculate tax on the profits? Also whats the procedure of filling tax for rental profit to HM Revenue.
0
Comments
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You pay tax on your profit at your highest marginal rate - 20% if you remian in the £36k bracket, or 40% thereafter.
You need to notify HMRC that you have rental income by Oct following the year you receive it and they will send you a self assessment on which to decalre the icome.£705,000 raised by client groups in the past 18 mths :beer:0
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