Apologies if this has previously been posted, I have searched but can't find much.
I have recently moved in with my partner and subsequently started renting out my house. I have been lucky enough to make a 5 figure pre-tax profit (most of which will be sunk into paying off my rather high mortgage) however I still face a ~£5k tax bill.
Whilst I am happy enough to pay my fair share of tax, I would like to investigate options of offsetting some of this bill to invest in my retirement. I understand some profits can be invested into a pension account, but i cannot find much information.
Does anyone do this? Is there a guide I could read anywhere?
many thanks for any advice you can offer.
If it helps, I am a higher rate tax payer.
I have recently moved in with my partner and subsequently started renting out my house. I have been lucky enough to make a 5 figure pre-tax profit (most of which will be sunk into paying off my rather high mortgage) however I still face a ~£5k tax bill.
Whilst I am happy enough to pay my fair share of tax, I would like to investigate options of offsetting some of this bill to invest in my retirement. I understand some profits can be invested into a pension account, but i cannot find much information.
Does anyone do this? Is there a guide I could read anywhere?
many thanks for any advice you can offer.
If it helps, I am a higher rate tax payer.
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