We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Tax for LL who is also renting
ajmalkader
Posts: 10 Forumite
Due to job requirements I am moving out my house into a rented accomodation and planning to rent out my own property. Do I have to pay tax on the rental income?
If I find a person with whom I can swap houses ie he stays in mine and I stay in his with no rent exchange, do I need to pay tax?
Your advic will be appreciated
If I find a person with whom I can swap houses ie he stays in mine and I stay in his with no rent exchange, do I need to pay tax?
Your advic will be appreciated
0
Comments
-
I think - but don't take this as gospel - that in the first case you would have to pay tax, (or are you an MP?) but not in the second case.0
-
I'd agree with Mozette about the 2nd case but if you rent your property out you don't pay tax on the income - you pay tax on the profit you make.
So you can deduct your genuine running expenses, including mortgage interest, when submit a tax return.
Being a LL is quite complex with a lot of legal requirements that you ought to know before you start, I would suggest you do a lot more thorough research first.0 -
Tell HMRC what you are doing - that way they won't think your an amateur LL trying to avoid paying tax.
Cheers!
Lodger0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards