Do you need to file a UK Income tax return to HMRC for property income?
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- Опубликовано: 8 сен 2024
- In this video you will learn from Simon Misiewicz, your Finance & Tax Director
▶ Whether or not you need to submit a UK tax return to HMRC for your property income
▶ What the tax free allowances that you can benefit from before you pay income tax on your UK property income
▶ What property refurbishment costs are allowed to be offset against your property income and what costs will be deemed to be capital. These costs will help you reduce either income tax or capital gains tax
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Were you able to reduce your property tax liability last year?
Nicely explained regarding like for like and replacement
Thank you that is very much appreciated
Where is part 2? Cant see in the description. Thanks in advance great videos
We are going to be doing a raft of new videos on self assessments. Please stay tuned.
Great videos, and I'm learning so much. In process of buying 1st rental property. Will be renovating from mid Jan until till end of March. Query- would I just keep my receipts from that period and enter them into the following tax year? I'm assuming that I can also claim the 45p/m every time I travel to the property to work on it? many thanks Tracey
Spot on Tracey. Those receipts are worth their weight in gold
Thanks Simon. Great info, Really appreciated. I have a question that me and my wife owners of the property so do we need to do two separate self assessments ( split all the rental income, expenses, etc...,)? Thanks advance.
You may need to do two self-assessment tax returns for you and your partner. This is the case where the properties are split between you. It does not matter if the property split 1%, 50% or hundred percent. The income and expenditure needs to be recorded in your personal self-assessment tax returns.
@@UK-Property-Tax-Accountants thanks Simon for your speedy response. Much appreciated. Take care and stay safe.
You too 🙏
If I may add, there is a section on the assessment that asks if you own the property jointly, this confirms that you can do one submission ...
Can you take a screenshot of that for me please?
The reason I ask is because that would suggest you have no other forms of taxable earnings. In the UK each taxable person has to do a tax return so the section you saw must be a huge exception. I would be interested to see why this would be the case. Thank you in advance.
Thanks for informative videos
Please advise can a UK limited company receive remittance say as a gift from parents in India in inr to gbp via online wired transfer and what are its tax implications compared to receiving money as a gift to a high income tax payer individual in UK ?
Ideally this money will then be used for 1st property purchase in the UK
If you can make a video will be brilliant and useful to hopefully few people 😊🙏
Many thanks
Hi what we are owners of two properties with equal equity me and my father and we have income from renting them but we are non residents of uk and both rentals have a net profit less than £1,000 after the expenditures and the mortgage
What i did is register for self assessment and said no on every question and uploaded the documents that proofs the rent income and the expenditures of both rents with two accounts for both of us because, the question was if less than £1,000 say NO
Is this right or i should file it in a different way
I didn't find any place to put the figures of the rent or the expenditures so i uploaded documents is that enough 🤔
This is a good way to prove to HMRC that you did not need to submit a complete self-assessment tax return. At least this way they have no need to enquire into your services because you have provided them with sufficient evidence.
@@UK-Property-Tax-Accountants 😊
Is the employment income greater than £100k after pension contributions?
It is whatever is shown as taxable income on your tax return. Pension contributions only extend the basic rate tax band and are not factored in unless you contribute using a salary sacrifice scheme
Do you need to set up or register as a new business tax account in hmrc website for rental income?
Hi bike. If you have taxable income you will need to have a unique tax reference code known as a UTR. You will then need to submit a self-assessment tax return to show your tax income and pay tax on it.
Hello, I have brought a property by cash so there is no mortgage to be paid. I am putting this on rent for 600pm and I have a full time job earning 18k after tax.. I am finding it difficult getting the right information.. Will i need to pay rental income on his as im not sure if i am making a profit on the house?
You will pay tax on the rental income less any associated costs. You are therefore only taxed on the profits made.
My rental income is less than £10000 but I’ve been completing a tax return since I brought the BTL 🤔 I’m so confused lol..
To be fair I always say it is better to do a tax return so it is no bad thing you are doing yours.
On the government site it says if you receive income from renting you need to do a tax return even if you are below the tax threshold of 12k and no tax due.
I always say to file a tax return anyway. This prevents HMRC from ever making an enquiry into your financial affairs in the future. The other benefits is that if you have losses and it documents to HMRC that those losses exist and that they may be carried forward
I am Indian Resident and I am having property in UK. I am earning 4500 Pounds yearly from it. Can you please tell me the tax implications and the process of Filing Tax Return.
You will need to submit a UK tax return to HMRC
Hey. Just did my tax return. It has changed my tax code. I have a PAYE salary and rental income. Is it better to do self assessment way and pay tax than have tax code always changing?
I would always look to do a self assessment tax return as it will help you understand how the tax is formed and identify ways to reduce it.
@@UK-Property-Tax-Accountants thank you. Much love for responding.
@@UK-Property-Tax-Accountants you should set up patreon and maybe charge 5 or 10 pounds a month and a seer the odd questions there. Or more, depending on popularity. I would pay.
You are very welcome
Like this one... buy-to-let-property-tax.teachable.com/
Is the employment earnings over £100k after pension contributions?
Great question but there is no straight forward answer on this one due to the many pensions that are out there.
Best to speak with your accountant / pension administrator on this one