We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Tax on income from property
catboyxxx
Posts: 1 Newbie
I currently live in a rented flat above a shop. just recently the landlord (a family member) has approached me and asked me if I would like to buy the whole property (flat and shop).
Can anybody tell me how the income from the shop below would be treated as regards to tax?
Is it treated the same as a residential letting?
ie income from tennent less allowable expenses = taxable income
Am I then right in thinking that I would have to pay basic rate tax on this at 20% as I do on my other earnings?
Am I also eligable to claim mortgage interest as an allowable expense?
Any advice is appreciated
Thanks
Ben
Can anybody tell me how the income from the shop below would be treated as regards to tax?
Is it treated the same as a residential letting?
ie income from tennent less allowable expenses = taxable income
Am I then right in thinking that I would have to pay basic rate tax on this at 20% as I do on my other earnings?
Am I also eligable to claim mortgage interest as an allowable expense?
Any advice is appreciated
Thanks
Ben
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards