income from renting house

slopemaster

Obviously if I start to get income from renting out my house, then i will have to fill out a self-assessment form and declare it for tax next year.

But, in the meantime do I have to contact HMRC and tell them I am self-employed as a landlord?

CLAPTON

no, it doesn't count as self employment but yes you must fill in a self assessment return after year end

benjus

If you are an employee paying income tax via PAYE and your income from the rental (after tax-deductible expenses) is less than £2.5k per year, you can request a P810 form instead to have the tax deducted from your monthly pay packet - probably less hassle than self-assessment.

slopemaster

Thanks but I'm not employed

ceeforcat

I presume that you this is the house that you are inheriting? Can you provide some more details e.g. likely rental, furnished or unfurnished?

https://forums.moneysavingexpert.com/discussion/3585829

slopemaster

Yes, it is.
It's currently on the market to rent unfurnished (ie with white goods and a small amount of optional furniture if tenants wish).

But, after one rental falling through because the prospective tenants' house sale fell through, I now have someone asking about buying the house!

Had thought to rent it out to get an income and not sell.
Bur after 3 months with no rent coming in, and bills to pay - if this person made a decent offer, I might be tempted to sell.

somethingcorporate

Renting out a house is a long term (business) commitment. If your heart is not in it then it may be unfair on your future tenants if you do not take your responsibilities seriously. I would agree with you that if you get a decent offer in the long term it would perhaps be your best option.