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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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Please advise me on the following issue: Small &, 2 Studio

Resolved Question:

Please advise me on the following issue: Small B&B, 2 Studio rooms, 4 guests max at a time, operating only during the summer season. Do I have to register? Tax implications?
Submitted: 9 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 9 months ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.

Expert:  taxadvisor.uk replied 9 months ago.

Thank you for your question

If you are in receipt of property income, this is taxable and you need to register for self assessment and file a tax return.

More information in who must send a tax return is covered here- see point two (if you have £2,500 or more in untaxed income).

https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return

Tax implications are -

This income (income less expenses) would be reported on supplementary pages SA105 - UK property and form part of your total income from all sources during the tax year.

You are allowed personal allowance against total income (current tax year the allowance is £11,000) and the balance is taxed at your marginal rate of tax. Provided your total taxable income is below £32,000 then your income will be taxed at basic rate of 20%.

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 9 months ago.

I thank you for accepting my answer.

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Best wishes

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