User Tag List

Thanks Thanks:  0
Likes Likes:  0
Results 1 to 4 of 4

Thread: Landlord advice please

  1. #1
    Regular Member dannyjpuk's Avatar
    Join Date
    Jan 2010
    Location
    northumberland
    Problems Posted
    0
    Problems Solved
    0
    Best Answers
    0
    Good Answers
    0
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Vehicle InfoStats





    Default Landlord advice please

    Hi all i was hoping some of you can give me some advice i have recently bought my 1st home i have fitted new carpets ect all rooms painted ect (nice and new) i have been thinking of renting it out.... i have a close friend who has jumped at the chance of letting it off me i have done the sums and i would be covering the mortgage and just slightly be in profit...

    but this is where it gets complicated and i need help what regulations do i have to do

    what we have agreed too is to do it all in private IE i move out he pays me XXX a week i pay that off my mortgage we both pay the councul tax (my mam and dad are going into shelterd accomadation) so i cant say im living with them so for the council tax side i will be paying towards it just so im registerd somewhere if you get me lol (so its more like one of them house shares) and i will more than likely move into my static caravan for a year

    Also what he pays me rent do i need to pay tax ect

    thanks all

  2. #2
    Regular Member Craig1985's Avatar
    Join Date
    Dec 2007
    Location
    harwich essex
    Problems Posted
    0
    Problems Solved
    0
    Best Answers
    0
    Good Answers
    0
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Vehicle InfoStats





    Default

    I think if you make a profit you do????? But if you make a loss then you don't???? ;0)

  3. #3
    Regular Member m8internet's Avatar
    Join Date
    Dec 2006
    Location
    Cumbernauld, Scotland
    Problems Posted
    0
    Problems Solved
    0
    Best Answers
    0
    Good Answers
    0
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Vehicle InfoStats





    Default

    Have you bought the house outright or is it on mortgage?
    If it is on mortgage, does your provider allow buy to let?

    The person letting the property should be responsible for Council Tax, contents insurance, and utility bills (no share)
    The owner should provide buildings insurance and offer the tenant discounted contents insurance

    Finally don't forget the tax man and dependent on circumstances Customs & Excise for National Insurance (if run as a business)
    Last edited by m8internet; 10th June 2011 at 20:41.

  4. #4
    Regular Member RhayaderSax's Avatar
    Join Date
    Sep 2008
    Location
    Rhayader
    Problems Posted
    0
    Problems Solved
    0
    Best Answers
    0
    Good Answers
    0
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Vehicle InfoStats





    Default


    You have to pay tax on all your profit.
    Your expenses (that are tax deductible) can include

    • insurance
    • travelling in connection with the property at 40p/mile (eg: inspections, maintenance)
    • repairs (but not improvements)
    • mortgage interest (but not the mortgage payment itself)
    • phone calls in connection with the property

    If the house is fully furnished you can either:

    • claim 10% of the rent as tax deductible for "wear & tear"

    or

    • claim the cost of replacing furnishings as they break/wear out

    but you can't do both.

    You can also claim a percentage of your council tax & utility bills if you manage renting the property from home but never say you use an entire room solely for business purposes - this can land you liable for business rates.

    If there's any chance of you still living there & sharing the house you may want to consider the Rent a Room Scheme.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. ebay advice , think someone is trying it on , need advice ...
    By poves in forum General Motoring Chat
    Replies: 7
    Last Post: 22nd August 2012, 00:29
  2. Newbe after advice, lots of advice!
    By rb199 in forum Vectra C / Signum Car Chat
    Replies: 18
    Last Post: 10th March 2011, 19:08
  3. The Pub Landlord!!
    By BIG NEIL in forum The 'Off Topic' room
    Replies: 3
    Last Post: 29th December 2008, 15:16
  4. Letting/Landlord help
    By mc_orion in forum General Chat
    Replies: 14
    Last Post: 7th July 2008, 11:33
  5. Anyone a landlord....
    By Harry in forum General Chat
    Replies: 4
    Last Post: 30th June 2006, 07:46

Visitors found this page by searching for:

Nobody landed on this page from a search engine, yet!

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •