Declaring Rental Income
08 October 2007, 03:21 PM
#1
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Declaring Rental Income
Firstly this is not about me.
A friend is about to rent out one of his rooms this weekend. I have just raised the point of declaing earnings and am now wondering if those who have rented out space rooms did or did not declare.
Esh
A friend is about to rent out one of his rooms this weekend. I have just raised the point of declaing earnings and am now wondering if those who have rented out space rooms did or did not declare.
Esh
08 October 2007, 03:31 PM
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You can rent a room out under the.....'rent a room scheme' without having to pay tax on the income (to a limt of course). Check the revenue's web site for details (and mum's the word with me mate 
).
D
).D
08 October 2007, 04:18 PM
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You can earn a certain amount from renting a room without having to pay tax (I think it is £4250 a year.) If the rental income is less than this and you are PAYE or don't normally submit a tax return you don't have sumbit one as the exemption is automatic
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