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self assessment tax for BLT
Comments
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I am not the brightest star in the sky so asked hoping for nice simple answers rather than google as suggest by booksurr - its no fun getting older and things are not as clear as they used to be but thanks anyway looking at your reply its looking like I can have up to £10k without having to worry about taxation0
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I am not the brightest star in the sky so asked hoping for nice simple answers rather than google as suggest by booksurr - its no fun getting older and things are not as clear as they used to be but thanks anyway looking at your reply its looking like I can have up to £10k without having to worry about taxation
So you have no other sources of income? No pension. No benefits. No wages. No interest. No dividends. No trading income."Real knowledge is to know the extent of one's ignorance" - Confucius0 -
No income at all. I am 2 years off government pension, have no works pension and will just have one Isa left with the current max in it but as thats not taxable didn't think it counted. The money I had in my name was used to buy the house in my name so I could use the rent as an income - I do have a husband to fall back on who has a works pension so won't starve
but don't want to get foul of the taxman with this new venture as a landlord. 0 -
OK. State pension will also be counted as taxable income when you draw this, though it might not put you over the limit, which will probably be around £11K by the time you reach pension age. Even so, I don't think you'd pay much tax, but could see the need to complete a return could be a bit of hassle.
If you're not paying income tax anyway, a cash ISA is a very poor home for your money. Santander for example currently pay 3% on balances up to £20K in their standard current account. You can complete a form called R85 which will mean you receive interest without deduction of tax."Real knowledge is to know the extent of one's ignorance" - Confucius0 -
It is an investment, not a business.
Whether you run it as a business is up to you.
I disagree. Buying property is (or at least can be) an investment. Letting property is a business. It may be a very informal one, but I'd still classify it as such.Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0
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