Tax implications on renting out my propery

[mancitymick]

I have been informed i will have to give up 24% in Tax as i am renting out my house and moving abroad. I will still be paying full UK Tax and NI on my wages. Any ??? please

 

[pirate]

I have been informed i will have to give up 24% in Tax as i am renting out my house and moving abroad. I will still be paying full UK Tax and NI on my wages. Any ??? please

then you are misinformed, if you are still paying uk tax and NI your rental income will count as part of your income and will be taxed as such. It depends on how much income you have overall so it could be as high as 40% (should be 50% slimy dave you cock)

 

[cibaman]

I have been informed i will have to give up 24% in Tax as i am renting out my house and moving abroad. I will still be paying full UK Tax and NI on my wages. Any ??? please

then you are misinformed, if you are still paying uk tax and NI your rental income will count as part of your income and will be taxed as such. It depends on how much income you have overall so it could be as high as 40% (should be 50% slimy dave you cock)

You may have some associated expenses that you can offset against the tax

 

[denislawsbackheel]

I have been informed i will have to give up 24% in Tax as i am renting out my house and moving abroad. I will still be paying full UK Tax and NI on my wages. Any ??? please

Of course you pay tax on it.
It is income.
You will have it added to your wages as well so as previously stated could end up paying high rate on it.

 

[wayne71]

Is it still income if you have to pay a mortgage or is that offset against the rental income?

 

[Hamann Pineapple]

Do you still get a tax allowance if you live abroad ?

 

[mancitymick]

No tax allowance for moving abroad, I still have to rent somewhere out there, The rental income is less than my mortgage

 

[Blue Mist]

No tax allowance for moving abroad, I still have to rent somewhere out there, The rental income is less than my mortgage

Mick, This is not as simple as you are saying.
1. If you are living abroad. I assume you are working abroad also, if so who are you paying tax to ? If you are working for an English company who still pay your wages into a UK bank you will be taxedon your wages by the UK as normal. Then you will have to register for a Self Assesment regarding any income from the rental of your UK house.
(Please note, as stupid as it seems you will then have to declare your uk wage in the self assesment and show that you have been taxed on it.)
As others have stated you can declare any expenses that you incur to get it to a rental standard, painting, gas safety certifcates etc. You cannot offset your full mortgage against tax but you can claim the interest. i.e. you rent out for £500 per month, your mortgage interest is £200, you will pay tax on £300 p.m.
If you rent through an agent do not think about not declaring the money you make, the rental agency WILL tell the tax man.
If you are paying another country tax on your wages you can opt to pay that country the tax on your UK rent. This may be cheaper than UK tax. If it is goning to be long term you may be best speaking to an accountant. Most will give you a free meeting to help you decide.

 

[hayley77]

Is it still income if you have to pay a mortgage or is that offset against the rental income?

That's what I want to know, and do u have to change to a buy to let mortgage

 

[denislawsbackheel]

This has already been answered.

You can only off set the interest of your mortgage, not the loan itself.