Accidental Landlord, Do I pay tax?

greatcrested

MovingForwards said:

https://forums.moneysavingexpert.com/discussion/6138149/what-are-the-tax-income-or-other-implications-on-renting-out-my-property-to-move-for-work/p1

Perhaps have a read through all your other threads and see what information you were previously provided with. The above is just one of them.

Why do people waste our time like this? Most annoying!

ProDave

There is no such thing as an accidental landlord.

There are PLENTY of "Reluctant Landlords" like me who would rather have sold the property, but instead chose to let it as the lesser of 2 evils under the circumstances.

You must register with hmrc as self employed if you are not already.

Upon eventual sale, you only pay CGT on the proportion of any rise in value that occured while it was not your primary residence, and for the last 9 months of ownership (that used to be longer)  Then you have your personal CGT allowance to use (if not already used for something else) and that may be doubled if the property is jointly owned.

hmrc take your original purchase price and eventual sale price and draw a straight line and assume it was a linear growth in price throughout the full term, so it is no point arguing "but the market was flat all the time it was let"

IAMIAM

greatcrested said:

MovingForwards said:

https://forums.moneysavingexpert.com/discussion/6138149/what-are-the-tax-income-or-other-implications-on-renting-out-my-property-to-move-for-work/p1

Perhaps have a read through all your other threads and see what information you were previously provided with. The above is just one of them.

Why do people waste our time like this? Most annoying!

Maybe because you have time to waste?
Or maybe because its good to get a second opinion and your opinion isn't gospel.
Or maybe because circumstances change, you know, a bit like COVID 2020 slaps you in the face and you suddenly find yourself having to plan differently.
Or maybe because I am not sat around waiting to google search the whole of MSE forums to criticise a poster holding them hostage to what they have previously posted.
Or maybe because you do not have to hold yourself hostage to what you used to say or do because when you know better you do better.
JUST MAYBE.

Grumpy_chap

ProDave said:

You must register with hmrc as self employed if you are not already.

It is not necessary to register as self-employed to be a BTL landlord.  You complete the "UK Property" pages in your tax return, not the "Self-Employment" pages.

greatcrested

IAMIAM said:

greatcrested said:

MovingForwards said:

https://forums.moneysavingexpert.com/discussion/6138149/what-are-the-tax-income-or-other-implications-on-renting-out-my-property-to-move-for-work/p1

Perhaps have a read through all your other threads and see what information you were previously provided with. The above is just one of them.

Why do people waste our time like this? Most annoying!

Maybe because you have time to waste?
Or maybe because its good to get a second opinion and your opinion isn't gospel.
Or maybe because circumstances change, you know, a bit like COVID 2020 slaps you in the face and you suddenly find yourself having to plan differently.
Or maybe because I am not sat around waiting to google search the whole of MSE forums to criticise a poster holding them hostage to what they have previously posted.
Or maybe because you do not have to hold yourself hostage to what you used to say or do because when you know better you do better.
JUST MAYBE.

or maybe those seeking advice could stick to one thread where all the relevant information is available for respondants who can then reply appropriately.

or maybe repeatedly raising new threads will eventually turn up trumps and result in one response that accords with what they hope for.

Crashy_Time

greatcrested said:

MovingForwards said:

https://forums.moneysavingexpert.com/discussion/6138149/what-are-the-tax-income-or-other-implications-on-renting-out-my-property-to-move-for-work/p1

Perhaps have a read through all your other threads and see what information you were previously provided with. The above is just one of them.

Why do people waste our time like this? Most annoying!

? You are not obliged to respond to them are you?

Crashy_Time

greatcrested said:

IAMIAM said:

greatcrested said:

MovingForwards said:

https://forums.moneysavingexpert.com/discussion/6138149/what-are-the-tax-income-or-other-implications-on-renting-out-my-property-to-move-for-work/p1

Perhaps have a read through all your other threads and see what information you were previously provided with. The above is just one of them.

Why do people waste our time like this? Most annoying!

Maybe because you have time to waste?
Or maybe because its good to get a second opinion and your opinion isn't gospel.
Or maybe because circumstances change, you know, a bit like COVID 2020 slaps you in the face and you suddenly find yourself having to plan differently.
Or maybe because I am not sat around waiting to google search the whole of MSE forums to criticise a poster holding them hostage to what they have previously posted.
Or maybe because you do not have to hold yourself hostage to what you used to say or do because when you know better you do better.
JUST MAYBE.

or maybe those seeking advice could stick to one thread where all the relevant information is available for respondants who can then reply appropriately.

or maybe repeatedly raising new threads will eventually turn up trumps and result in one response that accords with what they hope for.

Why not just let those who want to respond do so?

IAMIAM

With 12,000 posts between both of you VERSUS my 91 posts, I sense you have a lot of time on your hands, but please continue correcting everyone else apart from yourself. 

jimbog

I’ve realised just how much I missed our old member who used to bake cakes🍰 

csgohan4

I am saving this thread for anyone who wants to be a LL, accident or otherwise.
 
Things a LL shouldn't do is follow what the OP does, absolutely clueless on their legal and tax liabilities and think they can rent without the HMRC knowing

https://www.ft.com/content/0640f6ac-5ce9-11e7-9bc8-8055f264aa8b