Forum | Tax question? by Clements

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Tax question? 13:39 - May 29 with 873 views

Hi all.

I've inherited property from my mother who passed a few months back (took long because of some complications with paperwork - pain in the arse but it's over now.) and I'm looking to let it. I was wondering how this would affect my income? Will the money from the property be taxed as income or as something else? I've looked at sites like this tax calculator ( https://www.income-tax.co.uk/ ) but can't work it out myself and need some advice on where to go next.
Thanks in advance.
Cheers!

Tax question? on 13:41 - May 29 with 851 views

wkj

I have no clue about how to respond to you query, but I will take this opportunity to offer condolences for your loss.

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Tax question? on 13:42 - May 29 with 837 views

usm

Yep, it'll be subject to income tax.

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Tax question? on 13:42 - May 29 with 833 views

bluefunk

Taxed as income, simple as that, although you can offset some expenditure against the gross figure eg letting agents fees. Get an accountant

Tax question? on 13:47 - May 29 with 800 views

No9

Condolences on the loss of your mother.
As far as the poperty is concerned you will need to set up accounts to ensure you track expenditure as well as income.
Profits will be liable for tax but the whole scenario depends on your overall circumstances. It will be worth your while to get a good accountant

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