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First Time Landlord

apacheuk
apacheuk Posts: 6 Forumite
Tenth Anniversary First Post Combo Breaker
edited 21 June 2015 at 4:21PM in House buying, renting & selling
Hi,

Due to certain circumstances I'm moving back in with the parents and putting my house on rent furnished. The mortgage company has agreed that we can rent our house out for 12 months

I will be using a letting agent who's going to be doing most of the work by finding a tenant, doing the tenancy agreement, the inventory, looking after the deposit and paying me my income (of course after they have taken their cut :( )

Sorry for being long winded, but my question is; Do I need to declare this income to the tax man?

Also any advice for a first time landlord would be welcomed.

Thanks

Comments

  • kinger101
    kinger101 Posts: 6,785 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 21 June 2015 at 4:42PM
    Yes. Check the HMRC website for more info.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • BitterAndTwisted
    BitterAndTwisted Posts: 22,492 Forumite
    10,000 Posts Combo Breaker
    Yes, you have to declare every penny received to HMRC. Bear in mind that there are certain legitimate costs which can be deducted, but it's MORTGAGE INTEREST only, not the whole payment you make to the lender. Once the agent has deducted their fees, you could be in danger of running your property business at a loss
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Yes. Now read:


    * New landlords: advice, information & links

    * Letting agents: how should a landlord select or sack?

    both from:

    Tenancies in Eng/Wales: Guides for landlords and tenants
  • Argghhh
    Argghhh Posts: 352 Forumite
    good luck, by the time you have paid for everything you will prob come out with about £70 a month if you're lucky
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