renting a room out in own home
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
Comments
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.
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.