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Rental Income - Help required
Comments
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you are correct, Kynthia is wrongAre you sure??? The HMRC seems to says otherwise...
"£2,500 or more from property (after deducting allowable expenses)"
I know that the interest portion of my mortgage is £400 a month alone, so no way am i making an annual profit of £2500.
Would you suggest still to fill out a SA form, or is it easier / better to do it through a P810 form?!
the income limit is £10k, the profit limit is as you know £2,5k
YOu could use P810 at this stage but it probable you will be put on SA even with low / no profit anyway
sort the insurance now!Without the CTL finalised yet, would you recommed i wait until it is finalised before chasing up insurance?0 -
you are correct, Kynthia is wrong
the income limit is £10k, the profit limit is as you know £2,5k.
Apologies, I misinterpreted the below quote from the tax aid website:
"If the tax due on the rental income is less than £2,500 a year, you can ask HMRC to collect any tax due through your PAYE code. You would need to send the tax office a statement of your rental income and expenses each year. HMRC would then change your PAYE tax code to collect the additional tax from your employment or pension."
Does your freeholder know the property is being let. If not then it's possible the buildings insurance is unaware and therefore invalid. Don't leave your property without valid buildings insurance any longer, write to your freeholder!Don't listen to me, I'm no expert!0 -
Hi I'm currently living with my ex partner but we are separating in april. I'm a mum and I work from home with a max income of £12000 per year. I've been through estate agents for flats even for a 1bed flat as my son is just 5 so I don't mind to squeeze until I earn a bit more. Estate agents refused to take me into consideration as I don't earn enough. I am stuck in this situation. I spoke to the council and apparently there are lots of people in my situation so there are not places available around.
Can anyone give me an advise? I start getting very hopeless and worried about my son and I future.
Thanks for listening
E.0
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