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Our interest only mortgage ends feb 2012... help
Comments
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No if she intends to remain resident - but what she may do under "rent a room" scheme is earn upto £4,250 pa in rental income, without having to pay income tax on the same.
Link to help explain:- http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4017804
Anything above this amount is unfortunately taxable (by annual self assessment return), here is a further link that will assist in explaning :-
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_10013435
Hope this helps ..
Holly0 -
If she intends to have 3 lodgers, there are potential issues regarding HMO regulations / planning permission.
http://www.rla.org.uk/html/PlanningCLassesApr10.shtml0
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