Declare income tax on parking space rental?

Fr3d

I currently rent out my parking space for £80/pcm.
Do I need to declare this as extra income to HMRC?
If I did declare it, would I actually end up paying any tax on it? (I read about a ~£4k threshold for rental incomes, but not 100% sure if a parking space would be covered...)
If it makes any difference, my regular employment income is PAYE.

Thanks in advance

insured

yes, you will have to pay income tax on this.
The rent will be added to your other income and tax applied to that.
How much you pay will depend on your other income.
If the addition of the rent makes your income below £34,370 you will only pay 20% on the rent.

somethingcorporate

The £4k you refer to sounds like the government's rent a room scheme where you get the first £4k or so tax free.

I don't see why/how this would apply to a parking space so you'll have to declare it and pay tax on it at your highest marginal rate.

Fr3d

Thanks guys for the quick responses, much appreciated

purdyoaten

insured wrote: »

If the addition of the rent makes your income below £34,370 you will only pay 20% on the rent.

This should be £41455 (personal allowance 9445 plus basic rate band £32010)

zygurat789

purdyoaten wrote: »

This should be £41455 (personal allowance 9445 plus basic rate band £32010)

This should be £41,450, 9440+32010, for 2013/14 only