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Declaring rental income...had no idea, help!
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That's for income from property rather than the rent a room scheme. It then goes 50/50 for join tenants or by ownership proportion for tenants in common if you complete Form 17 and ask that this be the case. If you don't ask they will automatically do 50/50. Form 17 can be found on the HMRC website.0
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I know so many people in similar positions to the OP. A colleague at wrk rents her flat out and lives wiv her boyf. she has started to make a profit (rent covers more than her mortgage) and has now 3 yrs later decided she should probably inform the tax man. when i told her she should have changed her mortgage to a rental property and that only the interest payment on the mortgage is tax deductable she went white as a sheet. i kno several of these unintentional landlords who hav no idea that rentaL income is taxable!
My advise - confess all to the taxman and get it sorted ASAP. OP u did well not to spend the cash on cars and holidays - a true MSE!0 -
I know so many people in similar positions to the OP. A colleague at wrk rents her flat out and lives wiv her boyf. she has started to make a profit (rent covers more than her mortgage) and has now 3 yrs later decided she should probably inform the tax man. when i told her she should have changed her mortgage to a rental property and that only the interest payment on the mortgage is tax deductable she went white as a sheet. i kno several of these unintentional landlords who hav no idea that rentaL income is taxable!
My advise - confess all to the taxman and get it sorted ASAP. OP u did well not to spend the cash on cars and holidays - a true MSE!
Some aren't even aware that you must inform HMRC and fill-in a self assessment form even when you make zero profit or a loss (and that you can carryover the loss to the next tax year).
The more I read about the antics of truly amateur amateur landlords the more I think something needs to be done (a swift kick up the backside would be good start :mad:;))."One thing that is different, and has changed here, is the self-absorption, not just greed. Everybody is in a hurry now and there is a 'the rules don't apply to me' sort of thing." - Bill Bryson0
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