Rental Income and Tax Credits

kylie_206

Hi

I am about to rent my old house out and just have a quick question.

Do I declare ALL the rental income or just the profit (minus expenses, tax and mortgage interest) with regards to my tax credits!?

I don't want to do it wrong and then get into trouble!

Thank you in advance

toonbaz

just the profit, you can deduct all expenses in relation to the rental property

lalli_pickle

Yup, profit only. I expect you'll be completing a tax return as well so try to make sure that the profit you declare on your tax credits renewal at the end of the year is the same as you put on your tax return. They do check you know ;o)

kylie_206

lalli_pickle wrote: »

Yup, profit only. I expect you'll be completing a tax return as well so try to make sure that the profit you declare on your tax credits renewal at the end of the year is the same as you put on your tax return. They do check you know ;o)

Hi
Thanks for your reply.

Would it be the same amount on both? I was going to put the profit figure minus the tax on my tax credits form?

Sorry if I'm being thick!

Thank you

lalli_pickle

As far as I'm aware you put the amount before you deduct tax, same as with employment income.

toonbaz

im pretty sure it should be net profit from property before tax is taken.

tigtag02

toonbaz wrote: »

im pretty sure it should be net profit from property before tax is taken.

That would be gross profit then!