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Should this be declared ??
collectors
Posts: 240 Forumite
in Cutting tax
Hi, i have a friend & his sister that inherited a garage/workshop from their late dad that is rented to a mechanic, they get around 13K a year income clear split between the two of them. They are both not getting another income & are living off personal savings & this 13K just go's in the bank as savings. Should this be declared? as its only a 6.5k income each. One of them lives abroad.
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Comments
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Property you personally own
The first £1,000 of your income from property rental is tax-free. This is your ‘property allowance’.
Contact HMRC if your income from property rental is between £1,000 and £2,500 a year.
You must report it on a Self Assessment tax return if it’s:
- £2,500 to £9,999 after allowable expenses
- £10,000 or more before allowable expenses
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