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I live in the uk, my husband lives in switzerland, he pays a

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i live in the uk, my husband lives in switzerland, he pays a lump sum tax every year - apparently I am jointly linked in with him.
However, I have no income from him and have been living off my capital, which is depleting rapidly! I do have a small property which I could rent out, but it would take me over the £11,000 tax allowance in the UK albeit only by about 3K.
As I am not on the tax system in the uk will it be foolish to go down the route of Self Assessment just for a small figure of about 3K or is it better just to sell my small property and have the capital in the bank
Submitted: 6 months ago.
Category: Tax
Expert:  Sam replied 6 months ago.

Hi

Thanks for your question - I am Sam and I am one of the UK tax experts here on Just Answer.

No not foolish at all as if you do rent out this property to generate an income, then as a UK resident you must declare this to HMRC and the only way would be via self assessment.

Your tax bill would be £3000 x 20% = £600 a year

We cannot advsie whether it would be prudent to sell the property but clearly having an income of just over £13,000 a year for as long as you let the property with the property increasing in value for each year that passes - surely is a more viable option then selling and once the money is gone its gone ? Only you can determine what your annual and short and long term needs are

But we are not financial advisers we are tax advisers which I am sure you can appreciate

Do let me know if I can assist further

Thanks

Sam

Sam, Accountant
Category: Tax
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