a spare house

[mandimoo]

briefly, before me and my boyfriend met, we both had lives and ended up having a house, each. i moved to his, leaving a spare house. the intention is to rent the spare house out. what do i need to with regard to declaring this? im paye, can i claim any tax back (for expenses)? ive looked on HMCE but its not clear to me, i just need a laymans guide,

[Velvetee]

Yes you are supposed to declare it on your tax return, (self Assessment). As rental income is deemed as taxable income by The Inland Revenue.

If you are PAYE, then you would need to contact the Inland Revenue and request a self assessment form, where these details can be added and submitted in the new tax year, which started April this year. You usually have until December 30 to get your tax return in. It can also be done online.

I don't think it has anything to do with HMCE though, they deal with VAT. And yes you can claim back expenses, for any furniture, renovations etc.

[Ethel]

You will also need to inform your mortgage and insurance companies.

Inland Revenue and Customs and Excise have merged and is now Her Majesty's Revenue and Customs (HMRC).

Excellent straight foward information from the horse's mouth here:
http://tinyurl.com/3m55cy

And more info here:
http://www.landlordzone.co.uk/tax/taxation.htm

[tiara4321]

dont quite know if this is true or not but if you have students in the accomadation i dont think you have to pay tax???/