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Do you pay tax on house rent?

Do you pay tax when renting out a private house?

Asked on Aug 14 2012, Renting in Bridgend | Report content

Answers (1)

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  • "Letting residential property is treated as a single business, even if you let out more than one property. If you let out several properties, you can offset losses from one against profits from another. You pay tax on any profit as part of your overall income." According to the DirectGov website below. There are costs that deductible from the income from a rented property. These can include management fees, interest charges on any mortgages, upkeep of the property, etc. Best to speak to an Accountant about it if the website does not answer all your questions.

    Web reference: http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Tax...

    Answered on Sep 18 2012, Report content

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