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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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I have bought land and buildings with a personal loan. Can

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I have bought land and buildings with a personal loan. Can I now rent that land to my business to earn an income?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question..You can rent the land to your business to earn an income.You will have to report rental income on your personal tax return.You will be able to offset any loan interest against that incomeMore information on rental income is covered herehttp://www.hmrc.gov.uk/manuals/pimmanual/pim1051.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.
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Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.
Best wishes.

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