SteveHa wrote: Quote: However, letting a second or third home that generates income in excess of £1,000 in a tax year will create a tax reporting obligation. Not necessarily. If the rental income is the only income, then anything up to £13,500 can be received without creating a reporting obligation.
Quote: However, letting a second or third home that generates income in excess of £1,000 in a tax year will create a tax reporting obligation.
Not necessarily. If the rental income is the only income, then anything up to £13,500 can be received without creating a reporting obligation.
According to HMRCs website:
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
My answers
According to HMRCs website:
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