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Help needed regarding buy to let
ladyj
Posts: 4 Newbie
I know this sounds stupid but should I be paying tax on a buy to let property that I am renting out. Had a letter from my mortgage company telling me about the new changes and I'm panicking. Who should I seek advice from. Not sleeping 
0
Comments
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Yes you should.
What changes?0 -
Of course. Did you think you could receive thousands of pounds a year and not pay tax?0
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No. Recently happened and was not told about it when I spoke with a financial advisor. Am I best to speak to an independent tax advisor about this as I don't want to get into trouble0
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You are earning an income from a business. It is taxable.
There are allowances, so whether you actually have to pay tax depends on your personal circumstances.
See also:
* New landlords: advice, information & links
from:
Tenancies in Eng/Wales: Guides for landlords and tenants0 -
How many years has this been going on? You need to speak to an accountant ASAP. You will probably have a tax bill for the years you didn't declare. The size of the fine will depend on how good your accountant at dealing with HMRC.0
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Start by reading up on the subject (and all the other regulations related to being a landord) and then decide if you need to pay professionals eg tax adviser, accountant, letting agent, solicitor etc.No. Recently happened and was not told about it when I spoke with a financial advisor. Am I best to speak to an independent tax advisor about this as I don't want to get into trouble
Many LLs manage perfectly well without, but you have to know what you are doing which currently you do not.0 -
The clue is in the name:. "INCOME tax".0
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You're supposed to declare all property income to the HMRC. Whether there will be tax to pay will depend on whether you have a taxable profit but that doesn't stop you needing to declare the income.Don't listen to me, I'm no expert!0
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My wife spends all my money, does that mean I shouldn't pay tax?0
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