tax advice with regard to renting out our house...

BitterAndTwisted

There are expenses you will have to meet before you even have a tenant paying you rent. Plus, all the usual aggro when the tenant rings you up in the middle of the night because something has failed to work and you have to have it fixed. Even if the tenant is in rent-arrears, has stopped paying you months ago and it costs you thousands to evict them. And then they trash the place before you've secured possession. Where is that money going to come from?

lessonlearned

If you are serious about letting out properties then it should be treated a serious business. Don't play at it, do it properly.

Get yourself a decent tax guide. Try the Tax Cafe. Their guides are excellent and quite accessible to the layperson.

They cost £25 each, which is of course, tax deductible.;)

March2012

That would towards rent???

BitterAndTwisted wrote: »

There are expenses you will have to meet before you even have a tenant paying you rent. Plus, all the usual aggro when the tenant rings you up in the middle of the night because something has failed to work and you have to have it fixed. Even if the tenant is in rent-arrears, has stopped paying you months ago and it costs you thousands to evict them. And then they trash the place before you've secured possession. Where is that money going to come from?

Werdnal

OP, one minute you are asking why you need permission to let the property, then you say you have already looked into it. You seem a little confused about what is involved and how it all works.

If you are serious about letting your property, legally, responsibly, efficiently and profitably, you need to understand all about the cost, laws and your obligations as a landlord. Read this:

http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12

and all the links it contains.

Various one line, terse and difficult to understand replies from you are not helping you understanding of the replies and advice you have been given, so best do your own research, and if there is anything in the above post you don't understand or want clarification on, ask again.

Annisele

You've said you have very little equity in your property. If that's the case, you *can't* add your credit card debts to your mortgage, as a mortgage lender won't lend more than the value of your house.

Rent guarantee insurance doesn't take out all the risk of letting a property, and it isn't always available.

March2012

i have rented out in the past and never had any issues as been a good landlord! what risk is there with regard to letting the property if you have mortgage insurance that kicks in after a week? thanks!

Annisele wrote: »

You've said you have very little equity in your property. If that's the case, you *can't* add your credit card debts to your mortgage, as a mortgage lender won't lend more than the value of your house.

Rent guarantee insurance doesn't take out all the risk of letting a property, and it isn't always available.

holly_hobby

Tenants not paying rent/unoccupied periods - which your insurance does not cover for.

Not sure if you are an experienced landlord, why you are unclear on the basics re permitted deductions/risk assessment being discussed.

H

Soot2006

i have rented out in the past

Make sure you are au fait with CURRENT legislation as we see so many LL on these forums who thought they knew what they were doing and have ended up with big hassles and bills ...