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taxadvisor.uk, Chartered Certified Accountant
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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As I have not worked since beginning to receive my State Pension

Resolved Question:

As I have not worked since beginning to receive my State Pension (currently £5,111.08 per annum) I have lived mainly by drawing down from my savings, and have not completed annual tax returns. My daughter and I own a property which is let from which she received the rental income and paid income tax on it as a British taxpayer, and then helped me out financially when necessary.
Last year she moved overseas and received her salary there, so the rental income was paid directly to me, namely £7,500 for the last twelve months. There have been considerable outgoings on the property during this time, totalling £3,806.43, leaving £3,693.57. (repairs, and increased insurance, mortgage payments,etc) bringing my income to £8,804.65 per annum).
As I live alone, have no other means of support, and this figure is well below the Personal Allowance for a single person in my position, my question to you is: Do I have to start submitting Annual Income Tax forms again this year?
Many thanks for your assistance.
Karen
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

As the rental income after allowable expenses is £2,500 or more then you will need to complete a tax return.

I would like you to read the section "You have income from savings, investment or property" within "Who needs to complete a tax return" here

http://www.hmrc.gov.uk/sa/need-tax-return.htm

I hope this is helpful and answers your question.


If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.


taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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