If a room is rented out in own residence can a person receiving the rental income claim "expenses" against the income such as a proportion of the mortgage interest, insurance and such expenses be charged against the income?
many thanks in advance
Jennifer
Jennifer
Replies (2)
Please login or register to join the discussion.
Quire right and...
If the rent you receive is marginally above £4,250 you have the coice of paying tax on the excess or calculating rental profit in the ordinary way if beneficial.
rent a room
Yes, you can - but you might do better to look at rent a room relief because up to £4250 a year is exempt.