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Tax free allowance

Any questions, advice or comments on being a landlord.
Joined:Sun Dec 12, 2021 6:46 pm
Tax free allowance

Postby alexwilso0 » Tue Jan 18, 2022 12:32 am

I have recently bought my first buy to let property. I have been experiencing with the tax report function in Landlord Vision. I am finding that even when my gross income from rent is less than £1,000 the calculation shows that I owe tax if my income from other sources (which I assume includes salary from a job) is over the 40% threshold. Is the £1,000 tax free “property allowance” only applicable to people earning below the 40% threshold from wages?

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