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Am I liable for rental income tax?

Can you confirm that if I am liable to pay tax on my house if I rent it out? It will still be my only property and the rental income will fall short of my monthly mortgage payments. So there will be no profit as such.

Asked on Apr 27 2012, Renting in Hengoed | Report content

Answers (3)

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  • You shouldn't have to but I would check with an accountant first.

    Answered on Apr 27 2012, Report content
  • Effectively it's an income stream and you'll need to show the income/expenditure in that regard, establish a profit or loss and declare that on your tax return. If there's no profit, then there won't be any tax liability. You can write off lots of the expense incurred in having the property, like insurance, agents fees, however with your mortgage it will only be the interest portion that will count, not capital repayment. It's worth getting an accountant to make sure of the details.

    Answered on Apr 29 2012, Report content
  • Yes you maybe if the income is greater than your outgoings and depending on what other incomes you have. Check with your accountant.

    Answered on Jul 2 2012, Report content

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