How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5113
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

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

This answer was rated:

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?

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

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).

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. and other Tax Specialists are ready to help you

I thank you for accepting my answer.

Your reward of a generous bonus is greatly appreciated.

Best wishes