I am renting out my flat while living at my parents, do i have to pay income tax?
Friday, March 30th, 2012
I have been renting my flat out for the past two months while living at my parents. Do I have to pay tax on the rent i receive? If so, how is it caculated, when does it have to be paid by? and how do i pay it?
Friday, April 20th, 2012
If you are making a profit you will need to pay tax.
You should let HMRC know that you are renting your property, they can either change your tax code or you can pay by doing a tax return.