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Apr, 2014

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  1. #1

    Default New to Letting- Declaring Income

    Hi me and my partner are moving into together and renting her property out, she is very nervous about declaring income correctly. So reading different views on forum im wondering if anyone can help, she is in a low income job £4-500 per month so i dont believe the tax issue is massive.

    Do we declare the full income or the income- the mortgage cost i.e just profit, do we include and mortgage costs as expenses?

    Can we claim gas and electrical safety checks as expenses?

    I will do repairs on the property myself, including looking at purchasing new carpets (as the existing are ropey) can i offset this.

    We will have landlord insurance can this be offset.

    Basically as i suppose everyone who rents we want to make sure as much money goes in our pocket as possible and as little goes to HMRC whilst also being comliant. Any help and guidance will be greatfully recieved

  2. #2
    Join Date
    Apr 2010
    Location
    UK
    Posts
    2,273

    Default

    Only mortgage interest is an allowable expense by HMRC for deductions from your rental profit. Any repayment portion is not allowed.

    Have you sought consent to let from the lender?

    As you sound completely new to this, there is a good thread here:

    http://forums.moneysavingexpert.com/...2&postcount=12

    covering a lot of things you need to know and abide by. There is a link within it for the HMRC landlord page, which will help explain the allowable expenses and how you go about your self-assessment submission.

    Once you have read this and all the links it contains, come back and ask again if you have any further queries.

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