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Rent a room out
alandaniel132
Posts: 476 Forumite
I plan to rent out one of my bedrooms via spareroom.
Do I need to declare my to the tax office for my rental?
If I did not disclose it, no one will know.
Do I need to declare my to the tax office for my rental?
If I did not disclose it, no one will know.
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Comments
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There is a set amount you can earn by renting a room out without consequences, not sure what it is but someone will say0
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MikeJXE said:There is a set amount you can earn by renting a room out without consequences, not sure what it is but someone will say£7500 per year. You do not need to declare it unless you have to do a tax return.A couple of tips...Do not ever use the term "tenant" in any documentation. It is "lodger" or "licencee".Ensure the room is furnished, and no locks on the door of the room. A thumb latch that can be operated from the inside is OK.Make sure there is a written contract (Licence to Occupy) in place and you retain the ability to give short notice if circumstances dictate - Typically, threatening or violent behavour results in immediate notice to vacate.Have a set of house rules typed up and make it part of the contract.
Any language construct that forces such insanity in this case should be abandoned without regrets. –
Erik Aronesty, 2014
Treasure the moments that you have. Savour them for as long as you can for they will never come back again.2 -
Also, don't sign them up for several months at a time! You want to be able to get them out with short notice if necessary!2024 wins: *must start comping again!*1
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I believe you do need to 'declare' it. I did a tax return every year when I hosted foreign students. The tax office would confirm there was nothing to pay.0
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Just to add to that I had to declare I was no longer receiving rental income in writing once I stopped.0
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I think the OP is asking how HMRC would find out if he didn’t declare.JuzaMum said:I believe you do need to 'declare' it. I did a tax return every year when I hosted foreign students. The tax office would confirm there was nothing to pay.All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.0 -
Make sure you have an honest and trustworthy lodger like I didn't
I began to think I was spending more money than usual over a period of a few weeks
I decided to count the money in my wallet every night and one night £40 was missing
I informed the police and they advised me to mark the money in a unique way and if more goes missing overnight to contact them immediately, while the lodger was still in bed preferably
I was missing £60 so I called them
They came within a few minutes, found the money in bed with the lodger and made an arrest0 -
Maybe the lodger tells hmrc if they fall out? It doesn't matter how they found out if they do.0
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If you are working within the rent a room rules you do not have to declare it. It is as simple as that.YNWA
Target: Mortgage free by 58.1
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