Rental Property Income Over Personal Allowance
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Rental Property Income Over Personal Allowance
So in previous years my UK income, solely from rental properties, has been less than my personal allowance threshold so I've not been liable to pay any tax on it in the UK.
This year, with the abolishment of wear and tear allowance and limited expenses, I will exceed the £11k allowance.
Question: as I will have a tax liability, what will HMRC do next year? Will there be a tax bill at the end of the year only? The non resident landlord scheme appears to indicate that tenants have to withhold tax, which sounds like an administrative nightmare and something I want to avoid.
Is anybody else in this situation whereby they are liable for tax on rental income in the UK?
This year, with the abolishment of wear and tear allowance and limited expenses, I will exceed the £11k allowance.
Question: as I will have a tax liability, what will HMRC do next year? Will there be a tax bill at the end of the year only? The non resident landlord scheme appears to indicate that tenants have to withhold tax, which sounds like an administrative nightmare and something I want to avoid.
Is anybody else in this situation whereby they are liable for tax on rental income in the UK?