Newbie seeking advice post Summer BudgetMake Text Bigger
I have recently bought a flat outright and am hoping to rent it out.
I currently stay with my long term partner in her mortgaged property and pay her rent. My personal income dips into the 40% bracket and any additional income from the property would be taxable at 40%.
My partner is taxed at 20% as is my son both of them I would be happy to be the “landlord” for tax purposes if this is an easy enough arrangement to create. Alternatively I have the scope to add any income directly in to my pension if that would be more tax efficient.
Basically I am looking for any suggestions that would minimise my tax bill.
Thanks in advance.
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