thank you so much for the advice girls - really gives food for thought. I would be interested to hear about the tax situation too if anyone can shed any light on it
Sorry don't mean to hi-jack post but just wondering about paying tax... This is my first time to rent out our property and I currently have it with a managing company. I was just wondering will I have to pay a big tax bill at the end of the year..?[/quote:1xtdz1im]
It depends really on your profit rent, salary etc and if you are being jointly assessed or assessed on your own ! Check out REvenue online and get yourself a pin as you need to file the returns before oct 31st !