Don’t forget to tell HMRC you have investment propertyMake Text Bigger
I’m new here and am after some advice regarding my tax liability with my rental property. I bought a rental property two years ago and refurbished it. It has been rented out pretty much ever since. I bought it mostly because it was close to home and I wasn’t sure whether I’d have the enthusiasm for the project!
The good news is that I loved it and would do it again in a shot! The trouble is, that I did the property up, rented it out and forgot about it!
I didn’t really think about whether I should register for self assessment or what steps I should take.
I was vaguely told by someone that I could earn up to £8000 pa from it without being liable for tax as I am in full time employment, but I’m confused and not really sure what I should do!
I make roughly £200 pcm after the mortgage is paid and the agent’s fees come out.
Any advice would be greatly appreciated!
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