Tag Archives: rental property

NICs on rental profits?

Individual owners of buy-to-let rental properties generally assume there are no National Insurance contributions (NICs) to pay on their rental profits (as there is for self-employed individuals carrying on a trade). Class 4 NICs Self-employed individuals are generally liable to Class 4 NICs on net profits chargeable to income tax as trading income (and which… Read More »

Property expenses: Don’t ask HMRC?

This is generally sensible, particularly if the taxpayer does not have a professional adviser. However, things can sometimes go wrong, and caution is needed. Misunderstandings can easily arise. Pre-letting expenses For example, in Negka v Revenue and Customs [2019] UKFTT 0082 (TC), the taxpayer bought a residential property on 12 July 2013. She lived there… Read More »