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How does the tax work when renting out

izzybusy
izzybusy Posts: 1 Newbie
in House buying, renting & selling
Hi,

I am relocating, which means I have to move out of my home. My mortgage is £600 but the going rate for rental is £550. Also where I am moving to I will be paying £800 in rent. Would I still have to pay the full amount of tax on my original home?

Comments

  • diable
    diable Posts: 5,258 Forumite
    You can claim the interest against tax and any legitimate expenses but beware capital gains tax. You may be better asking these questions on landlordzone or speaking to an accountant.
  • G_M
    G_M Posts: 51,977
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Forumite
    The rent you pay where you move to is irrelevant for tax purposes.

    You have to declare the rental income on the property you rent out, but can offset mortgage interest, and some other costs.

    More here

    And tax here.
  • Werdnal
    Werdnal Posts: 3,780
    Part of the Furniture Combo Breaker
    Forumite
    I take it you have asked your mortgage company for Consent to let? If not, do so before you go any further, as they may agree with extra costs, or can refuse and scupper your plans completely.
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