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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15950
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I live in a tied cottage that I have to live in job

Customer Question

I live in a tied cottage that I have to live in for my job ,I have a residential mortgage with permission to let ,
Which l do let ,it is my only property ,my mortgage adviser when I took the mortgage out said I should not have any tax to pay ,I have subsequently meet with lender who did not know is there any tax on this situation ? Gerald
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Assuming the let property is not the tied cottage but another one, then you will have tax to pay if your rental income exceeds the deductible expenses. Take a look here for more information on the tax implications of letting property and the types of expenses you can claim: https://www.gov.uk/renting-out-a-property/paying-tax http://www.which.co.uk/money/tax/guides/tax-on-property-and-rental-income/allowable-expenses-and-allowances/ As you will read, you may not have to register for self-assessment if the letting income is low enough and you have a source of income which is subject to PAYE which is large enough to absorb a tax liability on rental income. If you need to register for self-assessment you can do so here. I hope this helps but let me know if you have any further questions.
Expert:  TonyTax replied 1 year ago.
Hi, I'm just checking in to find out if you need further advice or clarification.