Question:
I am a new landlord with one property to provide a top-up income to my pension. So, for example if I receive £5,000 pension and £5,000 rental income, will I be liable for any income tax as my total income £10,000 is below the taxfree allowance £11,850? I own the property outright with no mortgage.
Arthur Weller replies:
Since your total income is below the personal allowance of £11,850 you have no income tax to pay for the current tax year.
