PROPERTY RENTAL INCOME
Income you receive from renting out properties is liable to taxation. This is the case whether you've built up a portfolio of rental properties, inherited a home from your parents, are letting a former family home in lieu of selling, or simply have a lodger living in your spare room.
Many people don’t realise they are actually landlords, but if you earn any income from letting your property or any part of it, that is what you are. The good news is much of this income is tax free: you can currently earn £7500 from renting out a room before paying tax on the income, for example.
You will need to consider the tax implications whether your rental income is as a private individual or a company. Neal & Co’s tax experts can help you determine what your liability is and help you make the most or your income and investment.
For more information about planning and structuring your income from renting property, contact info@nealandco.co.uk
