thank you for your reply
as i understand my income as married couple would only be 14500 pounds a year witch is enough to live on as we would have no morgage etc..
so i believe we would not be taxed on that income as we dont have enough income off properties together and would not be recieving any other income ? i dont quit understand the capital tax gain properly ??
as far as i know sinds that me and husband are equal owners off properties we would be allowed to have a 10.000 pound profit each off the sale off 1 property a year before tax ? or so i have been told !!? that is only once a year that we are allowed to have this capital gain!
I know you are not allowed to say this but do you think we would be better to start selling properties now 1 every year to save ourselfs off falling for the tax money pit ?? as this money wil have to see us through our lives as we are only 50 years old now and are not expecting great pensions from Belgium or England
will we have to keep paying nat.ins. as self employed ? as we will be landlords for UK properties
As for the properties we would have to work with a agency that would work with the HRMC office
all those costs off agency fees they would end up costing a few pounds in a year so if our income for the year is 14500 for both off us that would mean that we would be tax free and maybe be able to claim tax back due to agency costs and the needed repairs (if needed ) ??
Is there a list off agencies that are trust worthy and work with HRMC ??
these are just the sort off questions that keep going through our minds and cant find answers to on internet
You don't pay NI contribuitions on rental income.You can deduct letting agency costs from your rental income as well as other expenses outlined here. You can also apply for exemption from having tax deducted at source from your rental income under the NRL scheme. The notes I gave you a link to for non-resident landlords sets out the criteria for a successful application.I don't know of a list of agencies approved by HMRC but I do many operate the NRL scheme with no problems. I cannot recommend any however.
At the moment i do work for a retail comp. and i pay tax and NI
but i also pay a additional self employed NI as our accountant said i would have to as i own half off the properties and receive half off the rent on top off my wages
so is that incorrect as i now pay NI twice