Newbie seeking advice post Summer Budget

by Readers Question

9:01 AM, 9th September 2015
About 3 years ago

Newbie seeking advice post Summer Budget

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Newbie seeking advice post Summer Budget

helpI 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.

Jeanluc



Comments

Neil Patterson

9:09 AM, 9th September 2015
About 3 years ago

Hi Jeanluc,

I am sure you will get some great ideas from readers and one will be to use a company instead of purchasing in a private name.

However, please remember that we do not know all your circumstances and you should also seek qualified regulated and insured advice.

You should complete a full fact find with a regulated IFA concerning your questions about pension planning and also to consider long term estate planning.

You also should speak to specialist insured accountants. please see >> http://www.property118.com/tax/


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