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Short term rental of house - Have to pay tax?
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paulfoel
Posts: 5,819 Forumite
Since I live in Newport, I'm considering renting my house out for a few weeks during the Ryder Cup. A nice little earner it is.
How would the Inland Revenue feel about this? Would it count as income that I'd have to pay tax on?
How would the Inland Revenue feel about this? Would it count as income that I'd have to pay tax on?
Cymru am Byth !!! :j:j:j
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Since I live in Newport, I'm considering renting my house out for a few weeks during the Ryder Cup. A nice little earner it is.
How would the Inland Revenue feel about this? Would it count as income that I'd have to pay tax on?0 -
you would almost certainley have to tell the IR, you could however declare this income as your partners or who ever earns the least amount of money, so you don't get stung for 40% tax.
you should be able to offset some costs as well, maybe extra insurance, painting and decorating to a point, cleaning services / food etc.
I am no expert but i am sure someone here can tell us what we can right off.0 -
Tell them. You'll sleep better.0
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nomoneyleft wrote: »you would almost certainley have to tell the IR,
HMRC are, as I said before, only too aware that people rent out their homes for short term events - they even chase those who rent out parking spaces on their drives for the duration.nomoneyleft wrote: »you could however declare this income as your partners or who ever earns the least amount of money, so you don't get stung for 40% tax.0 -
If the property is has a morgage the rental can be placed and deducted from that. See here: http://www.accommodationfortheevent.com/rydercup/faq/0
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If the property is has a morgage ...
You need the lenders permission to let, and most insist it is let on an ASTA.
(unless you re-mortgage to a more expensive commercial mortgage). That will give the tenant the right, although not necessarily the obligation, to remain there for at least 6 months."Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100
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