Consent to Let - do we still need to pay tax

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    Consent to Let - do we still need to pay tax

    Hi, For kids school - we need to let out our Own House and move to a rental property close to school.
    The rental money I receive from my tenants is exactly same as rent I pay on my property where I am a tenant.
    Question : Rental money I receive from Tenants - should it be considered as income and do I need to declare it in my SA.
    My own house which I let out is on Residential Mortgage with consent to let. Any advise / help highly appreciated.

    #2
    Your choice to move out and rent. I doubt you can use this to avoid paying tax on your rental income

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      #3
      Originally posted by VIKKI99 View Post
      Question : Rental money I receive from Tenants - should it be considered as income and do I need to declare it in my SA
      Yes.
      It’s income.

      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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        #4
        The clue is in the name. INCOME tax. Make sure you keep all relevant records, possibly say 30 years , for CGT which on current rules you will probably pay when eventually sold. But yes, self assessment income tax to be comply and paid, online. Do you have registration for government gateway?

        Do you plan to move back quite soon once you've established kids in the school please?
        I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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          #5
          Rent is income. All income needs to be declared, regardless of the mortgage you have

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