Very useful thank you! If you buy a property as individual (not through a company) and you leave the country to work abroad which means you have no income in the uk do you fall in the 20% tax rate for profits above ~12.5k a year ?
Hi came to your channel late so not sure if you will reply but im struggling to find the answer to my question. If i pay coperation tax at 19% then pay myself a wage as lets say I want 30k a year from my property company, doesnt that mean im getting taxes twice? Coperation tax as 20% then personal income tax at 20%???? I cant see how paying yourself from a company is any better than in your own naem as you still end up at 40% minumum
Hi, thanks for the question! You can employ via payroll an individual at the age of 16 when they have a NI number. You can possibly pay someone younger than this but there are anti avoidance provisions in place so we suggest getting some tax advice. 😊
Ive bought my first BTL on personal name last April 2022, I never done the tax return as I'm a full time employee and the company usually do that yearly. When do I need to fill my own tax income return from renting the property , can I do it online? and if I understand I can claim only 20% tax relief from interest of the mortgage . thank you
Hi, thanks for reaching out! The personal tax year runs from 6th April - 5th April and you have until the following January to submit your SATR and pay any tax that's due. You can file online here [www.gov.uk/log-in-file-self-assessment-tax-return]. You can only claim 20% of the mortgage interest in your personal name, that's correct!
Hi information you gave in this video very useful.
Thanks Fari, glad it was helpful!
Thank u sir keep up the good work 👍
I understood you cannot use profit from rental income to fund a pension ?
I use both and take the benifit of both personal and Co BTL
Great to hear!
Very useful thank you! If you buy a property as individual (not through a company) and you leave the country to work abroad which means you have no income in the uk do you fall in the 20% tax rate for profits above ~12.5k a year ?
Great information
Thank you Stephen! Glad it was helpful. 🙂
Hi came to your channel late so not sure if you will reply but im struggling to find the answer to my question. If i pay coperation tax at 19% then pay myself a wage as lets say I want 30k a year from my property company, doesnt that mean im getting taxes twice? Coperation tax as 20% then personal income tax at 20%???? I cant see how paying yourself from a company is any better than in your own naem as you still end up at 40% minumum
What age can children be employed in a Ltd company?
Hi, thanks for the question! You can employ via payroll an individual at the age of 16 when they have a NI number. You can possibly pay someone younger than this but there are anti avoidance provisions in place so we suggest getting some tax advice. 😊
Ive bought my first BTL on personal name last April 2022, I never done the tax return as I'm a full time employee and the company usually do that yearly. When do I need to fill my own tax income return from renting the property , can I do it online? and if I understand I can claim only 20% tax relief from interest of the mortgage . thank you
Hi, thanks for reaching out! The personal tax year runs from 6th April - 5th April and you have until the following January to submit your SATR and pay any tax that's due. You can file online here [www.gov.uk/log-in-file-self-assessment-tax-return]. You can only claim 20% of the mortgage interest in your personal name, that's correct!