Hi!
I've got a question I'm hoping someone can help me with - I own a property in North Headington I inherited from my parents a few months ago. It'd be hard to get go because it's where I grew up, but it's too big for me to pay for living there, so my last option is to rent it out. However I don't know how income tax works on properties rented out and was hoping someone could help me out. Is income from rented properties the same as income from working? According to this online calculator: UK Income Tax Calculator 2017 I earn just under the higher tax band, and so renting out the property would easily put me into the upper tax band if it is counted as income tax. Hopefully someone here can help me out! Thanks in advance
-Zac
I've got a question I'm hoping someone can help me with - I own a property in North Headington I inherited from my parents a few months ago. It'd be hard to get go because it's where I grew up, but it's too big for me to pay for living there, so my last option is to rent it out. However I don't know how income tax works on properties rented out and was hoping someone could help me out. Is income from rented properties the same as income from working? According to this online calculator: UK Income Tax Calculator 2017 I earn just under the higher tax band, and so renting out the property would easily put me into the upper tax band if it is counted as income tax. Hopefully someone here can help me out! Thanks in advance
-Zac
