Is rental income considered for tier 1 general extention

[allwell46]

Hello everyone

I was wondering if i buy a property and then rent it out. The money i get on that priperty onmonthly basis. Will this be considered as income for earning perposes.

I am already work8ng full time job.

[Lucapooka]

No.

[O_Relly]

Yes, if it forms part of your business.

Policy guidelines on page 18, states,

103. Earnings may include, among other
things:
• salaries (includes full-time, part-time, and
bonuses);
• earnings from self-employment;
• earnings from business activities;
• statutory and contractual maternity pay and
statutory and contractual adoption pay;
• allowances (such as accommodation,
schooling or car allowances) that form part
of your remuneration package;
• dividends paid by a company in which you
are active in the day-to-day management,
or where you receive the dividend as part
or all of your remuneration package;
• income from property rental, where this
forms part of your business; and
• payment in lieu of notice (a payment made
instead of requiring an employee to work
the normal period of notice when leaving a
job).

[allwell46]

Thank you all who replied

In which snario we can say or home office will take it as forming part of my business.

My situation is , i am work on paye full time time for some one, if i buy propert and rent it out, the rental income i get. I can registered myself as self employed as well and start paying tax or will pay tax on that income.

Do you think this will be okay

Or any other advise please

[Lucapooka]

No, and my first comment applies because it was made on the basis of assumption that you are not operating a property management business whose income is garnered from the rents of its tenants. Or, a business that owns a fixed asset (premises or property) that is garnering rental income. The property and any income from that needs to an integral part of the business.