Originally Posted by
Iain Mac
There is no tax-free amount except your own personal allowance of about £7pa. If you already have a job your personal allowance is almost certainly fully utilised there, so any profit from trading is taxable.
Reason I ask is, I've been renting a house out now for the past 14 months. I've only made £1100 out of it in this time (all of which goes into a separate account) but we've spent all of that and more on the house in that time. I.E new damp course and, a leak in the bathroom and a repair to the boiler.
I've been told that as I've used all profit to maintain the property (kept all reciepts as well), I won't have to pay tax on it.
The mortgage is on a buy to let and I have all the proper land lords insurances etc but I don't want to get caught short, especially since I have been selling a car or 2 on the side. Again not making huge profits, just more of a hobby in that area.