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paye - self asessment question. - locksmith - 12-04-12
Just a general question.
The wife works 3 days a week and is on paye but pays no tax as she earns under the threshold (whatever that is now).
We've now got a rental property (in her name) and the net taxable income probably take her over the threshold.
Looking on the IR website in the do I need to get a self asessment tax return, it's unclear to me whether she needs to register or not?
Any advice chaps ??
Re: paye - self asessment question. - rustyrider - 12-04-12
Yes as she has income over and above what she pays tax on through PAYE. Don't forget though that while she may have to pay some tax on the income, being registered as self employed allows her to claim back any expenses relating to the property.
It's even better if you do pay tax through PAYE but then have a self employment that makes a net loss once Capital Allowances and expences are taken into account, you get a refund on tax paid through PAYE.
Re: paye - self asessment question. - locksmith - 12-04-12
Cheers rusty, but I don't plan on this venture making a loss as it's our pension plan :lol
Re: paye - self asessment question. - Major Rant - 12-04-12
I just opened mine 3 minutes ago (new 2011-12 pack of SA forms). :\
In it is a red letter titled "Should I be in Self Assessment" titled SAF2 (which helpfully they don't publish online!)
points to this link http://hmrc.gov.uk/sa/need-tax-return.htm
The letter says : Did you, were you or did you have ...
Self employed or a partner.
A company director.
income over £100K.
Investment income over £10K.
More than £2500 in untaxed income.
Income from letting out property. (I guess that makes your missus a "yes")
Foreign income.
Employee claimimng more than £2500 expenses.
Says call 0845 900 0444 if you meet none of those criteria and you can probably be excluded.