Buy to Let Northern Ireland....

Easymoney

shaz77 wrote: »

Sorry I don't understand the above point.

I also have the energy performance certificate.

Sorry the £4250 was for renting out a room, more details:

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4017814

tara747

shaz77 wrote: »

The heating is Oil Fired Heating, I have however spotted two gas cylinders to the side of the house, I don't know what these relate to.

Can any qualified electrician give an electircal inspection certificate?

P.S. Is it normal to expect the tennant to pay the rates or is this something I should cover?

Rates are usually paid by the LL in Northern Ireland. I have seen the very occasional ad (about 1 in 1000) saying 'rent excludes rates' but the rent is usually significantly lower than similar houses in the area to reflect this. HTH.

tara747

shaz77 wrote: »

The heating is Oil Fired Heating, I have however spotted two gas cylinders to the side of the house, I don't know what these relate to.

It is a bit worrying that you don't know this, given that you own the house!

If gas is not used in the house (for heating or cooking) then you should remove these cylinders.

shaz77_2

Easymoney wrote: »

Sorry the £4250 was for renting out a room, more details:

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4017814

Thanks, however is that not soley applicable under the rent a room scheme e.g. the Landlord would be excempt from pay tax on the first £4250, since I am renting out the entire house does this not differ?

Old_Git

only the interest part off the mortgage is tax deductable .
You should notify the inland revenue within 3 months otherwise you could be liable for a £100 fine even if you dont owe them money .If you pay the rates you get a bigger discount .

gibbyni

Old_Git wrote: »

only the interest part off the mortgage is tax deductable .
You should notify the inland revenue within 3 months otherwise you could be liable for a £100 fine even if you dont owe them money .If you pay the rates you get a bigger discount .

I was about to say that as well, only interest payments are an expense, not the whole mortgage payment

shaz77_2

I have a £60,000 mortgage, which has interest of £1900 p/a and my rates are £700 p/a does this mean that whatever I get for my rental income wont be taxed up until the first £2600?

Old_Git

dont forget to add furniture costs ,buying & replacing .

CL

shaz77 wrote: »

I have a £60,000 mortgage, which has interest of £1900 p/a and my rates are £700 p/a does this mean that whatever I get for my rental income wont be taxed up until the first £2600?

At least. You need to do a self assessment, but you should add all related costs like house/landlord's insurance, gas safety certification, all maintenance costs like boiler servicing, painting. I would also put in mileage if you have to collect the rent. In fact as much as you can relate to a cost of keeping the rental property.

former_student

I was under the impression that if a house was being leased out some of the income was by default tax free, I know its the case for leasing out a room in a house.