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Ask Your Own Question, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 4960
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Hi, I want to rent my own house out so that I use the money

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I want to rent my own house out so that I use the money to pay to go travelling in Europe .
I am retired. What tax might. I have to pay?

Hello and welcome to the site. Thank you for your question.

Rental income is chargeable to income tax. If you are basic rate taxpayer then profit from property income will be taxed at 20%.

You will be able to offset against the rental income any expenses incurred in the maintenance of the house whilst rented. Also, if you rent it as furnished letting then you will be able to claim 10% Wear and tear allowance against rent received.

More information on allowances and reliefs on rental income is covered here (look at property expenses towards the bottom end of Page UKPN 8 of SA105-UK Property notes


There is information here also


I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond. and 2 other UK Tax Specialists are ready to help you

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