Letting to friends and family

A reader asked recently in our Q&A box, "if i was to rent a property to family would i need to tell the tax man"? Sorry it's not the answer you want to hear, but if they're paying you rent, then yes, you do: the taxman needs to know as soon as you have income from rental property, whether that money comes from friends, family, private tenants or Housing Benefit tenants. Letting to friends and... Read more

Posted by Sue @ Upad on February 23rd, 2010 in Landlord Tax, Property Rental

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Council tax on rented property – who pays?

Under normal circumstances, the person who is living in a property is responsible for paying the council tax on that property. Usually, therefore, the lead tenant will take on the council tax when they move in. There are two fairly frequent exceptions to this: when the landlord is living in the property themself. If you have a lodger in your own home, then you'll remain responsible for the... Read more

Posted by Sue @ Upad on February 9th, 2010 in Landlord Legislation, Landlord Tax, Legal, Property Rental

Tax tips for landlords

It's that time of year again, with Moira Stewart lurking under the stairs to tell us that tax doesn't have to be taxing. But all over Britain, landlords are frowning at those endless forms, and wishing they'd go away. We can't make them do that, but here are a few tips to help landlords towards a more pleasant January. If you're intending to file your return online, you'll need to be... Read more

Posted by Sue @ Upad on January 18th, 2010 in Landlord Tax, Property Rental, Tips for New Landlords

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When does the taxman need to know about rent income?

Yesterday's Mirror reports a survey by Halifax Home Insurance, which estimates that the real number of lodgers in the UK is six times higher than official figures. The survey estimates that 970,000 of us are renting a room in someone else's house, but that new landlords are "keeping tenants under the radar" because of concerns about tax. So just when does the taxman need to know about... Read more

Posted by Sue @ Upad on November 2nd, 2009 in Landlord Tax, Property Rental

Could you rent out your home?

In what seemed like the blink of an eye, you have moved out into a new property and your beloved previous home is sitting idle.  Perhaps you have moved in with a partner, received a larger house as an inheritance, or have bought a new property and are unwilling to sell the old one until the market surfaces for air once more. Whatever the reason, renting out the house you once lived in, your... Read more

Posted by James @ Upad on July 23rd, 2009 in Landlord Tax, Tips for New Landlords

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Landlords beware! The taxman is on the prowl…

There are signs that HM Revenue and Customs are moving to target buy-to-let investors to ensure that they pay all the required tax on their rental income, as well as any capital gains tax on their property. HMRC have proposed measures to force letting agents to disclose names and addresses of any landlords on their books. Currently, the taxman can only make letting agents disclose details... Read more

Posted by James @ Upad on July 13th, 2009 in Landlord Tax, Property Rental, Tips for New Landlords

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New €200 tax to be paid on over 200,000 second properties

AS MANY as 200,000 second homes, holiday homes and rental properties will be subject to a new €200 tax once enabling legislation is passed next month. Minister for the Environment John Gormley yesterday published the Local Government Charges Bill 2009 which proposes to tax non-principal private residences. The taxes will not be collected by central government but by the local authority where... Read more

Posted by James @ Upad on June 25th, 2009 in Landlord Tax, Property Rental

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Is this just another tax for landlords?

  And as if things weren’t bad enough for buy-to-let investors, new proposals put forward by the government to try and weed out undesirables would cost honest landlords even more money.   Under the scheme, a national register of landlords would be set up, requiring anyone renting out a property to sign up, paying a £50 fee for the privilege - ostensibly to cover administrative... Read more

Posted by James @ Upad on May 21st, 2009 in Landlord Tax, Property Rental

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New (tax) year, new bonus? Work your spare room to earn more than £4,000 – tax free

  In the midst of the recession, with massive job losses and pay cuts, many people are searching for new and inventive ways to earn money. As the new tax year looms, James Davis, founder of online property rental site, www.upad.co.uk, reminds homeowners that they are sitting on a potential goldmine. Renting out a spare room can provide a significant income with the huge additional benefit of... Read more

Posted by James @ Upad on May 17th, 2009 in Landlord Tax, Property Rental

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