How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3918
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

If my only income year will be money that I borrow

Customer Question

If my only income for the year will be money that I borrow from my home ( ie I increase the mortgage and use it to live on and to pay the the increase on the mortgage), I won't have any income but would I have to file a tax return? I don't receive any benefits etc.
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
Loans are outside the scope of UK taxation. The only way they come into the equation is the interest thereon which could, were you letting which you are not, be allowed against rentals.
You are only required to file a tax return if you are in receipt of income which has not been taxed at source. You have no income so you don't. Even HMRC don't want to bother with processing returns which yield no revenue. I am of the opinion that you would not have to make an annual self assessment tax return.
I do hope I have set your mind at rest on this matter.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 2 years ago.
Thank you for your support.
Just one small point, if HMRC ask you to make a return you must comply.

Related Tax Questions