Renting out own home

[SC00BY]

I want to rent out my home, while I rent one in a different area. How would I stand regarding paying tax?

Thanks

[Buenchico]

This should help:
http://www.direct.gov.uk/en/MoneyTaxAndBenefit s/Taxes/TaxOnPropertyAndRentalIncome/index.htm

Chris

[SC00BY]

Thankyou for that.
The 'allowable expenses' is a bit confusing. Say for ease I rent out for exactly what my mortgage plus insurance is.
So over 12 months I neither make profit or loss. Will I get taxed on the rental income?

Thanks again.

[Ethel]

Did you read this page?
http://www.direct.gov.uk/en/MoneyTaxAndBenefit s/Taxes/TaxOnPropertyAndRentalIncome/DG_401781 4

You pay tax on net profit, after the allowable expenses

http://www.direct.gov.uk/en/MoneyTaxAndBenefit s/Taxes/TaxOnPropertyAndRentalIncome/DG_100140 27

You can claim the interest on your mortgage but not the capital repayment.

Don't forget you will need the express permission of your mortgage lender, who may charge you a higher interest, and you will need to inform your insurance company.

[Maisie1234]

I have just rented my house out, if the rent covers your mortgage and you are not making any profit you will be ok, we had a statement from our letting agent for tax purposes, but we had paid out more than we had in rent payments since we had to have an energy performance certificate and an electricity check , so did not need to declare anthing in the last tax year because we had not gained any income, you can also offset any cost for repairs and maintenance against any profit made if your rent is more than your mortgage. Hope this helps.