Buy to Let Northern Ireland....

shaz77_2

I spoke to an estate agent, he is going to lease the house out for me, he wants one months payment for his fees.

He has recommended that I get an electricity meter box installed within the house.

Now that the bulk of the work will be with the estate agent, would do I need to be aware of from my side?

CL

former_student wrote: »

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.

Rent-a-room applies to income from providing furnished residential accommodation in the taxpayer’s only or main home, up to £4250 per year. If you rent out a house that you own, but do not live in yourself, it is taxed.

shaz77_2

How often will I need to produce gas, electricity and energy certification reports and how much do these items cost?

niceday999

CL wrote: »

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.

can you claim all of the above as well as the deduction for 10% of the total rental income for "wear and tear" OR as well as the above......

leftieM

shaz77 wrote: »

I spoke to an estate agent, he is going to lease the house out for me, he wants one months payment for his fees.

He has recommended that I get an electricity meter box installed within the house.

Now that the bulk of the work will be with the estate agent, would do I need to be aware of from my side?

The tax issues will still be your responsibility. The EA will deal with finding tenants and dealing with maintenance issues as they arise (although it sounds like you've just paid for the tenants to be found and nothing else. They usually charge 10% of the rent per month to deal with maintenance etc.).

rexel

i pick who i want to rent to you have less trouble that way a agent will not chase after tennants for rent if not paid as for repairs i have a list of tradsmen plummers electricans ask them to do repairs and pay them myself you will soon have names of good tradsmen

shaz77_2

rexel wrote: »

i pick who i want to rent to you have less trouble that way a agent will not chase after tennants for rent if not paid as for repairs i have a list of tradsmen plummers electricans ask them to do repairs and pay them myself you will soon have names of good tradsmen

The EA is just to help me get into this entirely new field, once I learn the ropes I will be going solo, there is so much to learn, I hope financially it proves beneficial in the long run.

CL

shaz77 wrote: »

How often will I need to produce gas, electricity and energy certification reports and how much do these items cost?

A gas safety check is needed from a Corgi Registered fitter once a year. I'm not sure about electricity.

hbloomers

You also need to consider who you are renting it to? Is it a family? Or young professionals etc. If the latter and its three or more people who aren't direct family, you'll need to register as a HMO (House of Multiple Occupency), and there's a whole list of regulations you have to follow for that.

shaz77_2

Hi

I have purchased a house and I hope to have it rented out by the end of this month.

Obviously any income I get from this will be eligible to pay tax, however I was wondering if I can claim for the following?

1. Interest on the buy to let mortgage.
2. Landlord's Insurance.
3. Buy to let mortgage arrangement fee.

Thanks in advance.