I live in a tied cottage provided by my employer and I own a flat which is my principal property.(UK,Scotland)
Wednesday, February 24th, 2010 at
7:33 pm
I’ve been approached by a trades person who did some work on the flat for me, asking if he could rent the property. As the property is my principal property (and the only one I own) would I be liable for income tax and are there any other changes I need to make like insurance, mortgage etc And is it really all worth it, as the maximum rental income I could make would only just cover mortgage, but as I live rent in my work’s accommodation anything towards paying the mortgage would be great. Any help or suggestions would be great. Rupert Scotland.
Sell House Quick
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Filed under: flat rent
You would need to inform your lender and insurance company if you rented out the flat. Any profit made on the flat rental would be liable to income tax - that is, the rent received after deducting expenses such as mortgage interest, repairs, etc.