Letting & Tax Question

Neil Jay · 2005-04-16T18:13:10+00:00

Hi all, I am currently employed full time and am a basic rate taxpayer (I earn approx £22K p.a.). I have just let my property as I have moved in with my partner, and the annual letting profit is less than £2.5K p.a. The tax office have just sent me a full tax return to complete - the first one I have ever received. Now the question - do I really need to complete the tax return if the profits from letting are less than £2.5K p.a. ? A friend has informed me that there is a threshhold of £2.5K before I need to complete a tax return but I cannot find any reference to this on the 'net. As an aside, I have an exemption from the N.I. office and do not have to pay any additional N.I. payments as the letting profits are less than £4.2K p.a. Would the tax threshhold not be the same as the N.I. one ? Any help would be gratefully received. Thanks Neil.

Apr 16, 2005 20 Replies

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Doug Ramage 21 years ago

But it's such a mighty fine read. :)

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