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I am a pensioner, do I still need to pay tax on my property profits?I am a pensioner, do I still need to pay tax on my property profits?
Question
I have a property which I rent to tenants for the past 15 years, but I am a pensioner do I still have to pay tax on the property? Arthur Says Yes you do have to pay tax on the rental income from the property. If it is your own house, rent-a-room relief may be applicable. If the income is small, taking into account all your other taxable income, it may be covered by your age-related personal allowance, and, if applicable, married couple's allowance. So, after doing your sums, you may find that the rental income does not cause you to pay any or much taxation.
- Over 90% of queries are answered within 30 minutes and within 3 days! Here is what one of our customers had to say: “Arthur contacted me the next day. He phoned promptly and offered me clear and concise advice which he referenced to the HMRC website, taking me through section by section and explaining the implications each step of the way. Thank you very much.” V. Loughery |
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