Paying tax on rental income

david_watts_3

Hi there, first time here, hope this is the right place.

I am renting out my flat as I have relocated for work. Does anyone know or know have a site that tells me how to work out the income tax and when/how it should be paid?

I'm covering the mortgage with the rent.

Thanks in advance.

clutton_2

go to HMRC site and look for "Taxation of Rents" (this will explain what sort of expenses you can claim) and you will only pay tax on any profit you make.. this is unlikely in the first year or two

00ec25

tis funny how many people can find and use a forum yet can't use google!

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/index.htm

http://www.hmrc.gov.uk/manuals/pimmanual/index.htm

david_watts_3

tis?

Many thanks for your swift reply, I feel very small and belittled I will toddle back off.

Thankyou for the link, much appreciated.

Yours, beneath you.

Google cambridge english dictionary.

If anyone has a similar experience of how they have gone about this and how they have done it would be greatly appreciated.

Thanks

G_M

Take a browse round landlordzone too.

tbs624

david_watts wrote: »

tis?

Straightforward abbreviation of "It is" , simply missing an apostrophe.Even Shakepeare used it Such omissions are not that important in the grand scheme of forum things

david_watts wrote: »

Many thanks for your swift reply, I feel very small and belittled I will toddle back off.

Don't be so quick to take offence. You could also have searched the forum as this sort of query comes up on a regular basis.

david_watts wrote: »

If anyone has a similar experience of how they have gone about this and how they have done it would be greatly appreciated.

Thanks

You have a link to the PIM at the HMRC site, otherwise known as getting the right info from the horse's mouth.You can also ring HMRC for advice - they don't bite, unless you fail to declare and they catch you out