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Investment property earnings
Hi,
I am in the process of completing my tax return. My investment property is managed through an estate agency. I am unsure if my rental earnings are forwarded through to the tax office or if the earnings are invisible to them.
Does anyone have experience filling out your own tax and declaring an investment property?
Could someone please offer advice as to whether I declare these earnings or not?
Thanks
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3 Replies
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You could ask the organisation handling your rentals if they report this to the tax office. If yes you could let them know you are handling your own tax affairs and you want them to stop. Whether it is taxable depends whether it is ‘income’ or not. If you are using it to survive then is it not sustenance rather than ‘income’?. Expenses are not listed as ‘income’. They tax you on net ‘income’ If the money is all used in expenses or sustenance then it is not taxable. You just need proof of this just in case they challenge your self assessment.
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If the investment property is held in trust then is it not for the sustenance of the trust?
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Okay great.. that’s the approach I was leaning toward.. I had a conversation with the realty agency and they confirmed they do not report to the tax office.
Currently in the process of setting up a trust bank account for my trust..
Thanks for the advice!