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Income Tax On Renting

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I thought I read somewhere that you don't have to pay income tax on rental income for 2 years if the renting is temporary.

I did intend to rent longer but due to a change circumstance we have stopped renting our flat and are now occupying it again. We received rent for 1 year only.

I did declare a partnership with HMRC and declared £4K expenses last year that had to carried forward because no income was received.

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I thought I read somewhere that you don't have to pay income tax on rental income for 2 years if the renting is temporary.

I did intend to rent longer but due to a change circumstance we have stopped renting our flat and are now occupying it again. We received rent for 1 year only.

I did declare a partnership with HMRC and declared £4K expenses last year that had to carried forward because no income was received.

1) whether you read it somewhere or not it is wrong.

2) wrt to IT on the rental income, this is irrelevant

3) OK. (assuming that you haven't changed the subject) bear in mind that you can only offset this against future income from the same source (i.e residential letting), not against any other income.

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Not quite sure how you rented out your property for 1 year, but received no income ?.

voids.

trying to evade tax with a non existant property.

you can do it with lorries to.

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Not quite sure how you rented out your property for 1 year, but received no income ?.

I said I had received income for 1 year. I didn't mention that the previous year I was fixing it up and sorting out our rented house, aswell as having a disabling operation in the middle of it, so things took a bit longer than intended.

Such a waste of time and effort, but at least the place in in good order.

I think it will be complex to work the tax out as some of the expenses I will have to add in a compensating amount because I've stopped using it for business.

Thanks for the replies, guess I'll just have to get on with it.

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  • 146 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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