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I am renting out my second home how do i go about informing inland revenue of my second income?

by nicoleg35, 5 months ago•Open Question

Property, Home & Garden•Property & Living•Landlords & Buy To Let

My property is currently up for sale but have tennant staying until sold

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Answers (1)

You just need to inform them that you will need to do a self assessment as you have additional income. It is very straightforward.

by roseangel, 5 months ago

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I'm thinking of doing the same, I never even considered this.
Do you have nay idea of how much tax would need to be paid.
Example: You charge your tenant £500 p/m. How much of that would be taxed?

by Scallan, 3 months ago

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You can offset the interest being paid on your mortgage against any tax to be paid so it will depend on how much that is. There are also other costs that you can offset against tax. Have a look here at the tax site:
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_10014027

by roseangel, 3 months ago

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