renting a room out in own home

renting a room out in own home

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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

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By Paul Soper
05th Sep 2007 15:00

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.

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By Simon Sweetman
04th Sep 2007 17:36

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.

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