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tax advice on rental income
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lucre
Posts: 5 Forumite
Hello,
we have failed to sell our house through no fault of our own and have to move out into rented accommodation soon. We are going to rent out our house now and rent elsewhere and put it back on the market next year. The rent on our owned house is less than the one we will be living in but can that be taken into account or do we pay tax on the income anyway?
thank you
we have failed to sell our house through no fault of our own and have to move out into rented accommodation soon. We are going to rent out our house now and rent elsewhere and put it back on the market next year. The rent on our owned house is less than the one we will be living in but can that be taken into account or do we pay tax on the income anyway?
thank you
What goes around - comes around
give lots and you will always receive lots
give lots and you will always receive lots
0
Comments
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You will need to declare it even if you do not make a significant profit.
The basic rule is that you can offset the direct costs involved in the letting, but not indirect costs. So for instance some repairs can be offset, but paying rent yourself on another property cannot.
Get in touch with HMRC. They are perfectly friendly and will be able to give you all the advice you need. It's often worth going to see them in person if you live near a tax office.0 -
download IR150 "Taxation of Rents" booklet from the revenue website.. its all in there.. you can claim quite a lot of expense.... it all depends on your circumstances...0
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