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Paying tax and national insurance on rent i receive from a property i own? |
Am i required to pay tax and insurance on the rent i recieve from my tenants, the property is a shop downstairs for which i recieve 拢60 pw and the flat above for which i recieve 拢80 pw. I have just become self employed so i pay all my tax and insurance for that. Thanks in advance . Yes you pay tax but not nat ins. Amount of tax depends if you are paying a mortgage on the property and if the flat is furnished. You can claim tax releif for interest paid on the mortgage, any insurance policies, safety certificates and if the property is furnished/part furnished you can claim 10% wear and tear from your income too. It's easy to work out and cheaper than paying an accountant. Unfortunately, all income in the uk is taxable. This is income in your pocket therefore taxable and NI to de deducted. This will have to be declared on your yearly income tax form. your not required to pay ni on this income, just income tax. as ur self employed, ur accountant should calculate this for you on your tax return ...u have 2 weeks left for submission if you dont have an accountant...maybe drop me an email. Accountant PMA Accountants 0700 340 1367 |
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