Do you have to pay taxes on rented property?
|
  |
|
|
| Author |
Message |
yankee
Apprentice
Joined: 06 Oct 2006
Posts: 5
|
 Posted: 12/03/07 - 10:53 Post subject: |
 |
|
| I have recently started thinking about renting my property. I would benefit from getting some extra money every month. However, I would like to know do I have to pay taxes on rented property. Is there such a thing on a rented property? If anyone could tell me, that would be great. Thanks in advance. |
|
|
Back to top
|
|
|
|
 |
reinhard
Apprentice
Joined: 12 Nov 2006
Posts: 9
|
| Posted: 12/31/07 - 02:46 Post subject: |
|
|
When it comes to tax on renting, you might think you need to pay CGT, or capital gains tax. However, it is usually applied to the income you get when selling your home. When you are renting the property, there will be no CGT applied, although you still have to pay the taxes on your income. Nevertheless, you will only pay it if your incomes exceed 4000 pounds. You can find a lot of additional information at www.direct.gov.uk/en/moneytaxandbenefits/taxes/
taxonpropertyandrentalincome/DG_4017814 |
|
|
Back to top
|
|
|
|
|
|
| |
All times are GMT
|
| Page 1 of 1 |
Related topics: | |
|
|
