The inland revenue and letting advice needed

yuffie

I am Letting my house out and was wondering what i needed to do so far as paying tax on the rent etc.
I am not working as i am a stay at home mum but my husband works, will i still have tax to pay and how do i contact the right people on this?

Thanks in advance for any help with this

Gwhiz

yuffie wrote: »

I am Letting my house out and was wondering what i needed to do so far as paying tax on the rent etc.
I am not working as i am a stay at home mum but my husband works, will i still have tax to pay and how do i contact the right people on this?

Thanks in advance for any help with this

If it's ALL in your name (i.e. the house) then you only have to pay tax on any PROFIT over your basic tax free allowance. You should contact your local tax office if you have any questions.

theartfullodger

In your shoes I'd write and tell them anyway - so they don't think you're up to no good...

If you are not working are you receiving any benefits that might be impacted by your rental income??

tbs624

Just ring your local HMRC office and they will tell you what you need to do. They *can* be helpful and usually are.

Even if your figures show that no tax is due you still have to keep appropriate records and fill in a tax form.

Have a look here and google HMRC land and property pages, SA105 help sheet etc.

If the property is in both names then HMRC assumes a 50/50 split unless declared otherwise with appropriate supporting evidence.

Join a national LL association , or local affiliate - tax deductible membership fees and discounts on LL insurance premiums. They can give you guidance on tax issues too.