No, I have not been declaring the rental income thinking that I would do a tax return before October and pay a lump sum, but I am confused about the Accidental Landlords statement.
Ok - do you have the web link for the article please?
No, I do not have the web link... it was just random but I did read another article in the Times or Telegraph which I cut out but that was back in January.
ok - how much are you renting or for and how much is your mortgage interest?
I am renting out for £12500 approx a month and I don't have a mortage. As I said, I am retired and moved in with my partner.
Thank you. Do you have other income?
Yes, about £14000 from pensions.
Ok - sadly you should have declared this income
This is because it is income which is untaxed.
This means sadly you owe tax on the rental income less any direct expenses.
You do get a tax free allowance:
Born after 5 April 1948
Born between 6 April 1938 and 5 April 1948
Born before 6 April 1938
So you would owe tax on 20% of that difference
Can I clarify anything for you about this today please?
So, you haven't found out about Accidental Landlords ... and the extra relief, which is what I was asking in the first place. I of course know about my allowance ... why do you say, sadly I should have declared this income? I will pay on assessment during the next tax year which is what I thought I should do.
Have you found out .... or do you know... anything about Accidental Landlords (as opposed to buy to let landlords) ... Of course I know about my allowance before tax and I will self assess my income and declare it before the end of October.
Have you found out or do you know anything about Accidental Landlords and the allowance that goes with that?