Rent Book for renting a room

[Chasingcars]

I am about to rent out a room in my 3 bedroom house I have bought a 'ready to fill in' form from Lawpack where i have filled in the blanks (eg rent per week, notice period etc etc) However should I also keep an official 'Rent Book' of monies I receive. The amount will be only 3k a year which I understand is not taxable however i thought it best to have some sort of paperwork relating to monies paid to me. I went into WH Smiths and there is a 'Rent Book' printed by Lawpack - does anybody know if i can use that in conjunction with the forms I already bought or would it have anything that contradicts? The front of the rent book refers to Assured Tenancy agreements etc but nothing about being used for someone renting a room in a house....anybody thet can help i would be grateful Thanks

[steve2010]

any type of leger book will do,just to keep a record,are you sure the money is not taxable,i would check that out,also it could affect you if you receive any money from the goverment,ie social,pension,etc

[JanineG]

I would just buy a normal receipt book - that way you can give a receipt each month to your tenant, and you're keeping a record also. That means that if the tenant says they paid you 3 months ago but you can find no record of it, they should be able to produce their receipt to prove it. Helps both of you keep track on things.

Hope it works out,

Janine

[Ghostrider]

I would double check the issue of tax as my understanding is that it is income, if this income takes you above your personal tax threshold then it will be taxable.

Assured tenancies cannot occur if there is a resident landlord so that will not be an option and will probably be an unattractive option anyway

[Peter Pedant]

There is quite a large tax break for letting (not renting)a room. Something like �3675,and your rent is under that so it will not be taxable, sorry chargeable

I think you may need to fill out a tax form and declare it - not a problem, thetax offices are very approachable when it comes to you volunteering this sort of thing

Golly - �300 a month for a room, where do you live ?

PP

[Mistopheles]

It's always best to keep your own records, just to 'cover your back', whether this is an official rent book, a receipt book or a ledger. You'll probably never need it, but better to have it and not need it.

PP - my brother is paying �220 A WEEK for a room in Bath at the moment!!!