tax on rent
13 July 2004, 10:03 AM
#1
Scooby Regular
Thread Starter
Join Date: Apr 2003
Posts: 550
Likes: 0
Received 0 Likes
on
0 Posts
tax on rent
I am thinking of renting out a house I own for 500 pounds a month and wondering if anyone knows much tax you get charged on the profit from renting? ( the house has no mortage so in theory all the rent off that property is profit)
Borich
Borich
where the hell are you? Wales? 
13 July 2004, 10:41 AM
#3
Scooby Regular
Join Date: Oct 2003
Location: Birmingham
Posts: 289
Likes: 0
Received 0 Likes
on
0 Posts
You should put it onto your tax return. You can offset all of the expenses to reduce the profit figure (so repairs, insurance, and decorating, gas servicing etc, and if it's furnished some depreciation) How much tax you pay will depend on your income from other sources, if you're a basic rate tax payer about 23%, if higher rate then 40%
Thread
Thread Starter
Forum
Replies
Last Post
Wingnuttzz
Member's Gallery
30
26 April 2022 11:15 PM