Gatekeeper
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Hi All,
I would be very grateful for any advice anyone could give me re the possible purchase of a rental property with no mortgage and the tax that would be payable re same.
My husband's net PAYE income is 29,172 per annum.
My net income is a disablement pension net 12,053 per annum.
Income from rental property would be 12,000 approx per annum with no mortgage interest relief as there would be no mortgage on the property.
We do not have a mortgage on our Principle residence so just have ordinary personal and PAYE tax credits.
I am wondering if I am entitled to a PAYE tax credit or not? And if we would be tax assessed as one spouse with income or two spouses with income?
Really I am just wondering if it would be worth purchasing a second property and what the tax consideration would be. Unfortunately unable to sell our principle private residence at the moment so if we wish to purchase a property in the area we wish to live in this is the situation we find ourselves in.
Hope I have given enough information. Any advice would be much appreciated. My husband did not receive a tax credit certificate for 2012 so am not sure how to calculate tax if we were to purchase a second property.
I would be very grateful for any advice anyone could give me re the possible purchase of a rental property with no mortgage and the tax that would be payable re same.
My husband's net PAYE income is 29,172 per annum.
My net income is a disablement pension net 12,053 per annum.
Income from rental property would be 12,000 approx per annum with no mortgage interest relief as there would be no mortgage on the property.
We do not have a mortgage on our Principle residence so just have ordinary personal and PAYE tax credits.
I am wondering if I am entitled to a PAYE tax credit or not? And if we would be tax assessed as one spouse with income or two spouses with income?
Really I am just wondering if it would be worth purchasing a second property and what the tax consideration would be. Unfortunately unable to sell our principle private residence at the moment so if we wish to purchase a property in the area we wish to live in this is the situation we find ourselves in.
Hope I have given enough information. Any advice would be much appreciated. My husband did not receive a tax credit certificate for 2012 so am not sure how to calculate tax if we were to purchase a second property.