Wage

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    Wage

    Hi all. Sorry to ask, I rent out a few flats where I don't make a great deal of profit above paying my loans etc.. I was also employed up until last week when I was made redundant. My question is can I claim any weekly wages from the rentals now I'm unemployed? I haven't done in the past.

    Thanks all

    #2
    I don’t think property income is covered under the governments self employment announcement, if that’s what you mean?

    Comment


      #3
      No mate I'm not trying to claim under the self employed thing. I mean I have no wages coming in now so can I withdraw money from my account and offset it against tax as wages

      Comment


        #4
        What did you previously do with the income from the properties? If you're asking whether you can offset your weekly wages against the rental income for tax purposes, then I think the answer is no

        Comment


          #5
          I have just been overpaying my loan with profits but never took a wage from it. I wasnt sure with me being unemployed I could take a wage as it is now my only job if you like

          Comment


            #6
            Is your property held within a company structure or are they all held personally? If they are held in a company then you can just need to add yourself as an employee for the company (director) and pay yourself a wage. If you hold the property personally, then the profits you make is your salary, you just need to reduce over paying your mortgages.

            Comment


              #7
              I think if you hold them personally it comes under unearned income rather than salary. You still get your tax free allowance though so will only pay tax on anything above it.

              Comment


                #8
                Yes thanks all. They are personal so just my tax allowance then. I will reduce my overpayments. Thanks for your help it's appreciated.

                Comment


                  #9
                  Claim UC tough circumstances
                  I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

                  Comment


                    #10
                    I have put a claim in for uc. 6 weeks minimum wait £90 a week haha

                    Comment


                      #11
                      The UC amount has just increased from I think £74. Think how people survived (or not) earlier.
                      I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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