Tax on rental flat

Akira

I own a rental flat and it's been rented for 15k a year before expense. After I deduct all expenses it leaves just over 12k a year. I give half of the rent to my wife. Does anybody know how much I'd have to pay in tax, please. Thank you.

MyOnlyPost

Well that depends on hom much you earn in other jobs and what your marginal tax rate is.

Also does she own half the flat or do you own it 100% and giver her half the rent as you described

Akira

Hi, the flat in in both our names, thank you

MyOnlyPost

Ok, then in that case you don't give her half the rent, as if you did you would be laible for all the tax. For tax purposes you each earn £6,000 from the rent.

Simply you add together your rental earnings after expenses and your salary and then pay tax on everything that is above your personal allowance, and so does your wife. Nobody can give you actual figures without knowing your allowance and current salary.

Also is there mortgage interest in your expenses as the way these are treated is changing

csgohan4

I presume you do your tax returns, will it not show a figure on there, assuming you input all the correct figures?

In terms of your wife having half the rent, is she a joint tenant of the house you own or have a percentage of the tenancy in common?

Akira

The flat has just been rented and I haven't file tax on it yet. Thank you all for your help, it's much appreciated.