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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Would there be tax implications to renting my house out for

Resolved Question:

Would there be tax implications to renting my house out for one week
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.

Hello and welcome to the site. Thank you for your question.

Tax implications for renting out your property

Property income is chargeable to income tax whether you let it for the whole year or part year and you report the profit from property income on supplementary pages SA105 when completing your tax return..

If you are living in the property and decide to let a room or rooms and not the whole house then you could claim rent a room relief provided your rental income is less than £4,250 a year and there is no tax payable.

 

You would be able to offset expenses pertaining to that income against it..e.g. utility costs, council tax other repairs etc to cover the period let

More information on how property income is assessed for tax puposes can be found here

http://www.hmrc.gov.uk/worksheets/sa105-notes.pdf

If it is a one off let and not to be repeated then you may wish to declare it within the main tax return under section dealing with Other UK income not included on supplementary pages (Box 16).

More information on this can be found here

http://www.hmrc.gov.uk/worksheets/sa150.pdf

 

I hope this is helpful and answers your question.


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