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Renting UK House (Advise Welcome)

Renting UK House (Advise Welcome)

Old Jan 6th 2012, 2:30 pm
  #1  
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Default Renting UK House (Advise Welcome)

Hi One & All

Starting the new year with a bang and renting out my lovely house back in the U.K.

Can anyone offer any advise, on such things as paying the dreaded taxman.

Informing Mortgage lenders, will they cause a fuss?

Good/Bad experiences?

And any other bits of advise would be more than welcome please.


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Old Jan 13th 2012, 1:57 pm
  #2  
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Default Re: Renting UK House (Advise Welcome)

I've been renting a house out in the UK for 2 years with no real issues. Here's what I've found out.

1 - The mortgage company didn't mind at all. I just had to fill in some paperwork.

2 - I don't pay any income tax on the rent as the mortgage interest is allowable against any income. So,
Amount earned in rent
- (Minus)
Interest on mortgage
- (Minus)
Cost of maintaining property
= Profit made on property
You will pay tax on this, but for me the profit was zero.

3 - You need to notify HMRC that you are a landlord
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Old Jan 16th 2012, 2:09 pm
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Default Re: Renting UK House (Advise Welcome)

Hi CarlHnz

Thank you for the info, will put it to good use.

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Old Jan 16th 2012, 3:53 pm
  #4  
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Default Re: Renting UK House (Advise Welcome)

Originally Posted by CarlHnz View Post
I've been renting a house out in the UK for 2 years with no real issues. Here's what I've found out.

1 - The mortgage company didn't mind at all. I just had to fill in some paperwork.

2 - I don't pay any income tax on the rent as the mortgage interest is allowable against any income. So,
Amount earned in rent
- (Minus)
Interest on mortgage
- (Minus)
Cost of maintaining property
= Profit made on property
You will pay tax on this, but for me the profit was zero.

3 - You need to notify HMRC that you are a landlord
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