renting out a house

[Fairie]

Hi

I was wondering if i rent my house out to someone else, what is classed as profit? on the government website, it states: 'You pay tax on any profit as part of your overall income'

Is profit what is left after the mortgage has been paid? for example rent is 500 mortgage is 460 there is 40 profit to pay tax on? or is it the 500 ??

trying to work out if it is worthwhile while the market is so slow for selling at the moment

[Fairie]

i have just found out from another thread that only mortgage interest can be claimed as an expense to be deducted from the amount of profit taxable. what about rent? as i only half own the house and half rent the house on a 50-50 ownership scheme.

[redcrx]

before you start worrying about profit perhaps you should check whether you are able to rent out the property.

You have to have permission from your mortgage provider AND the owner of the half you rent.

[Fairie]

yes should have said..... i have permission