I am letting a property and make about £2000 profit from letting this property after all the expenses.
I read on directgov website that i only need to submit a return if my income is:
- £2,500 or more income from property (after deducting allowable expenses)
but my income is below £2500.
Am i right in thinking that i dont need to submit a return? but do i need to pay tax on my profits.
Thanks in advance.