Let Your Property With Local Property Experts
Allow your property to work for you and discover how simple it can be with a trusted ARLA registered firm alongside. Our letting agents offer some of the most competitive commission rates in the region. Moreover, we offer a personalised level of service to each and every client. We strive to meet, or even exceed, your expectations.
Can I rent out my house on a normal mortgage?
If you decide to rent out your property, it is crucial that you notify your mortgage lender of your decision. Once you contact your mortgage lender, you will probably have to obtain consent for lease approval before you can begin renting out your home.
If you do not let your mortgage lender know about your intentions, you could potentially break the terms of your mortgage contract with potentially devastating implications. The Lettings team at Tod Anstee Hancock has years of experience helping landlords rent their properties and are able to refer you to reputable mortgage brokers in West Sussex and London
Can I buy a house and rent it out?
Yes, you can buy properties with the sole purpose of renting them out to tenants. To do this, you can either use your own money or take advantage of a buy-to-let mortgage. If you currently own a property that you are planning to let, why not read our expert guide on how to rent out your house?
Do I need to declare rental income?
Yes, it is a legal requirement that all landlords declare their rental income to HMRC. If your annual income from property rental is below £2,500 a year, you will need to contact HMRC so that your taxes can be collected through the PAYE system.
However, if your income exceeds £2,500, you will need to declare your rental income via a self-assessment tax return.
What happens if you don’t declare rental income?
If you fall behind on rental income tax because of a genuine mistake and you complete your self-assessment and tax return form within the time limits given to you by HMRC, then you may avoid having to pay a penalty fee.
Whereas if you purposely don’t declare your rental income and continue to do so, upon discovering this HMRC are entitled to open a criminal investigation into your actions.
Upon completion of the investigation, HMRC can charge the following:
- A penalty of up to 100% of the unpaid liabilities
- A penalty of up to 200% for offshore related income
Contact The Team To Put Your House Up For Rent
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