First time letting - help!

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    First time letting - help!

    Hi,

    So I am letting my flat out for the first time... I can easily put it on Spareroom or gumtree and it will get rented right away as I'm in a popular area of London.

    Quick question, what do I legally have to do? If someone could detail what forms etc they need to fill in or someone can send me a link to an article detailing what I need to do that would be great...!

    Also, do I need to set up a business account for the rent payments, and how do I declare it to HMRC?

    Thanks!

    #2
    Originally posted by ceeme123 View Post
    Quick question, what do I legally have to do? If someone could detail what forms etc they need to fill in or someone can send me a link to an article detailing what I need to do that would be great...!
    This is the link usually provided to anyone in your situation - it's pretty helpful: http://forums.moneysavingexpert.com/...2&postcount=12
    You might want to consider using an agent for your first-ever let

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      #3
      Or at least consider joining NLA/RLA for first year to benefit from members free learning modules and advice line.
      Will you be resident LL?
      Do you hve permission to let from mortgage lender?
      You don't need a business account, but a seperate current account is advisable for rent & property expenses.
      You need to complete the property income section in your annual tax return. Inform HMRC you need an Annual return.

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        #4
        Make sure you check out prospective tenants thoroughly - and check where they work. Gumtree in my area is a complete waste of time and full of scammers. Be wary!



        Freedom at the point of zero............

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