Allowances for tax when renting?

666Rocker666

Hi all,

I am now renting a house and will need to notify the tax office for the extra income i will be recieving (renting at £110 per week furnished, £5720 annual) and need to know what I can knock off as expenses and allowances I've look the the internet and not come up with much :-(

Could someone also let me know how much tax i will have to pay i.e. the % deducted (iI think its 20% of the gross amount) after expenses/allowances....Help as all this is getting confusing And I don't want to pay tax on amounts if I can help it......

Thanks in advance :beer:

m_13

I've just posted on a thread you've replied to about your 'deposit'.

I'd take a look at the fantastic TaxationWeb Property Tax forum. They are very helpful. As your income is under £15,000 per annum then you should only need to provide simplified accounts to the tax office but it's not as simple as telling them about your income. You have to fill in the property pages on the self assessment form.

If you have a loan you used to buy the property then in most cases you can offset the loan interest plus admin charges (agents fees, for example) and your reasonable admin costs. The cost of buying and selling a property cannot be counted, it comes off at the end against your Capital Gains Tax.

666Rocker666

will check it out. Ta