Buy to let taxes

[Wasted Talen]

I have a full-time job, but oj the side I have 3 buy-to-let properties which I rent out and gain rental income from. What are the tax implications of this? (the rental income from properties + job salary) does not take me into the higher tax bracket.

Any advice much appreciated!

[Kathyan]

You have to let the tax office know about the rents you are recieving, even if you won't have to pay tax on them.

[Twenty20]

Youre implying that youve been letting out properties (for some time?) but haven't been declaring the income. You need to do a self assessment tax form and declare all your income. Its very possible that your PAYE tax code will be affected (and you may owe back tax now as well).

There are elements such as interest and repairs which can be set off against tax.

[Skyline D]

The rental income is taxable. You'll have to pay tax @ 20% less any claimable related expenses (which does NOT mean mortgage payments though mortgage interest probably is allowed).

Presuming this is not a new situation I'd imagine you should have been paying tax on the rental income (Schedule A Income Tax) for past years also and you'll be due to pay interest on that as it will be paid late if you confess all now. If you don't and it's later found then there would also be penalties.

[eastern]

Get a good accountant, they should be able to instrust you on how to pay less tax! Seriously dont mess about especially with 3 properties, the TAX are not known for their understanding nature, if you have mortgages on these properties get advice now its worth it.