Renting a House out in NI.

hendy

On the rates, as Nar states, if you did not mention the rates in the rent amount the tenant will assume it is included. You will have to complete a form for Housing Benefit which your tenant will supply to you. On this it states that the Housing Executive will assume the amount quoted includes rates and will make a deduction if you do not split up the amount.

Usually a landlord will pay the rates directly to the Land and Property Services and simply add it to the monthly rent. If however your tenant was likely to be long term, it may be possible to have them billed directly.

Landlords also get a 10% rates discount if they pay the full bill before end of September. You will need to contact your LPS office to register.

One other issue is Tax and you will need to tell HMRC that you have another source of income. Depending on how much rent you are getting compared to the outgoings (mortgage interest, rates, management fees, repairs) you may not be liable for any extra tax. I have been carrying forward losses over the past 3 years and have not paid tax yet. You will have to do a return to HMRC for the 2009/10 tax year by 31 October for a paper return or 31 January online.

Hendy

meltdown_point

How does this work with letting out rooms in your own house?
say I have 2 bedrooms that are unoccupied, am i able to take in lodgers? I know there is a scheme in england but is the same one available here?

shaz77_2

hendy wrote: »

On the rates, as Nar states, if you did not mention the rates in the rent amount the tenant will assume it is included. You will have to complete a form for Housing Benefit which your tenant will supply to you. On this it states that the Housing Executive will assume the amount quoted includes rates and will make a deduction if you do not split up the amount.

Usually a landlord will pay the rates directly to the Land and Property Services and simply add it to the monthly rent. If however your tenant was likely to be long term, it may be possible to have them billed directly.

Landlords also get a 10% rates discount if they pay the full bill before end of September. You will need to contact your LPS office to register.

One other issue is Tax and you will need to tell HMRC that you have another source of income. Depending on how much rent you are getting compared to the outgoings (mortgage interest, rates, management fees, repairs) you may not be liable for any extra tax. I have been carrying forward losses over the past 3 years and have not paid tax yet. You will have to do a return to HMRC for the 2009/10 tax year by 31 October for a paper return or 31 January online.

Hendy

Thanks.

I probably now sound like a politician, however can I claim back the expenses in relation to purchasing two wheelie bins?

Greentea

The wheelie bins are an expense just like any other such as advertising the house, the interest in the mortgage, electric satefy tests, agent fees. So you can deduct these expenses from any profit made before you calculate tax owing.

CL

shaz77 wrote: »

Thanks.

I probably now sound like a politician, however can I claim back the expenses in relation to purchasing two wheelie bins?

Just keep any receipts in a file and deduct all related expenses from the rental income on your self assessment.

agrirep

Have you any questions re Energy Performance Certificates

raymond

agrirep wrote: »

Have you any questions re Energy Performance Certificates

How much do you charge