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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5145
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

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?
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 here 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. and other Tax Specialists are ready to help you
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Best wishes.