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Renting property
rascal21
Posts: 4 Newbie
in Cutting tax
Hi there, I'm currently employed and will be renting my property out. I believe this means I will need to complete a self-assessment tax return (which I already do, so this isn't an issue). However, can anyone help give an indication on the rate of tax I'm likely to be charged on this additional rental income?
Thank you!
Thank you!
0
Comments
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It depends on what rate(s) of tax you currently pay and whether the additional income takes you into the next higher tax band.
Remember you can deduct allowable expenses.A kind word lasts a minute, a skelped erse is sair for a day.0 -
rental income less allowable expenses (e.g. insurance, agent fees, interest only element of mortgage) = profit.
profit x your current highest band of tax rate = tax due to be paid.0
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