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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15976
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I only own 1 property with a morgage of 90000 but I'm moving

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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?
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.
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