How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15940
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

I only own 1 property with a morgage of 90000 but I'm moving

Resolved Question:

I only own 1 property with a morgage of 90000 but I'm moving back in with my parents now,if I rent my house out will I have to pay tax on the rent? And if I do is it just tax on what's left after I've taken morgage cost out of the rent or do I pay tax on the whole rent?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. You can deduct the mortgage interest (not the capital repayments) from the rent, together with other expenses listed here. You should read the notes here and here. Check here to see if you need to register for self-assessment. I hope this helps but let me know if you have any further questions.
TonyTax and other Tax Specialists are ready to help you