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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15915
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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My husband son and myself have jointly owned a small condo

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My husband son and myself have jointly owned a small condo in Florida since 2012. In 2013 and 2014 it was rented out months. This generated an income of $4000 p.a. However Home ownership fees and flights to maintain/set up the property which were necessary have used this amount so no profit has been taken and additional money has been needed costs -county taxes etc. Is there a tax implication of us?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
.

Unless you have a PAYE source of income and the net income from a property is less than £2,500 per annum per person or the gross income is less than £10,000 per person, you should probably be registered -assessment and disclosing this income, albeit there may be non taxable profit. You should each use the self-checker here to find out if you need to submit tax returns.

If you do need to register -assessment, you can do that here.

I hope this helps but let me know if you have any further questions.
Customer: replied 2 years ago.

We all have PAYE source of income.

Expert:  TonyTax replied 2 years ago.
As I don't know what your precise circumstances are, you should each run through the self-assessment checker I gave you a link to in my previous post. There aren't many questions. I suspect that the fact that you had property income from overseas will require you to complete tax returns.

Alternatively, call the tax office on the number here, explain your situation and ask if you need to register -assessment since the income was so low and was covered by expenses in any event. They may let you off registering if the letting was a one-off.
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