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pineapple11
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Last Activity: 23-04-2019, 21:02 PM
Joined: 14-04-2019
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  • pineapple11
    started a topic tax responsibility and allowable expenses

    tax responsibility and allowable expenses

    Hello, wondering if anyone can help.

    Firstly, my husband and I are joint owners of our rental property but I heard that we can change things so the tax is based on my income alone. Is this true? If so how can I go about arranging this. I earn alot less than my husband.

    Secondly,...
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  • pineapple11
    replied to accidental landlord - tax issue
    Thanks Gordon I will make sure I do this

    Jk0 - if only just finished my expenses for the first year - 5 more to go
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  • pineapple11
    replied to accidental landlord - tax issue
    Just an update for anyone who is in a similar situation. After seeking advice from an accountant I called the HMRC disclosure telephone number and explained the situation. They weren't as scary as I thought they'd be more than likely because i'd approached them. They advised that both me and my husband...
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  • pineapple11
    replied to accidental landlord - tax issue
    Ok maybe worded this incorrectly, I did see it as income however when we first let the property out I was led to believe if annual profit was less than £1000 then I didn't need to contact HMRC. If above £2500 I was to let them know. I now know that I should have looked into this further. Suffering...
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  • pineapple11
    replied to accidental landlord - tax issue
    I have completed tax returns for my self employment but stupidly didn't think of the rental as income?! My job tomorrow is to phone an accountant! Will the mortgage interest tax issue affect us because my husband earns around £40k a year? Thanks - I can't believe how naive i've been ! I knew we weren't...
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  • pineapple11
    started a topic accidental landlord - tax issue

    accidental landlord - tax issue

    Hello, I am an accidental landlord and I have just read something that is really worrying.

    Back story - We purchased a property in 2008 which fell into negative equity. It was a 1 bedroom property which we quickly outgrew as we went on to have twins in 2013. The mortgage company were unlikely...
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