h2g2 The Hitchhiker's Guide to the Galaxy: Earth Edition

In short Bushy the whole amount of the rent received would have to be declared. However....

If only a room is being let then there is "rent a room" relief which means that rents received up to a certain amount which changes every year, is tax free and only the balance is taxable. The figure is currently around the £4250 mark. The bad side to this is that there is no further relief due for any expenditure incurred.

If the whole house is let then their are various expenses that can be off set against the income such as letting agent fees, professional fees, insurance, water rates and council tax if the landlord pays them, servcing contracts for gas and electricity, repairs, the mortgage interest and also wear and tear at 10& of the gross rents received to cover wear and tear on hard and soft furnishings. The W& T allowance is more beneficial in most cases than claiming the costs of hard and soft furnishing renewal, especially as you cannot claim for the initial costs of furnishing a place for rental.

In practice, if there is liable to be a loss each year which is entirely possible if the mortgage is a large one, then it is worth setting this out to the Revenue and they may then give a dispensation about completing a self assessment return, if the income from property is the only reason for the issue of such a return. You just have to promise to let them know if the property ever makes a profit.

Does this help?

What a wonderfully in-depth and especially throrough answer Magster! Many thanks for that but, I meant it in jest as I assumed you might think I would ask about the topic of you being a "sex slave" rather than ask a dull taxation question ...

Clearly, my sledgehammer wit strikes again?

Told you I was a dustbin didn't I Bushy! Swallowed that one whole. You are right, I did think you were going to ask me about being a sex slave, so I was taken aback when i got a tax question. Now who is a . Lol As to being a sex slave, I find it most fulfilling

Ah ha! So my irony was not lost? Fear not, I'm the ... Just ask the others!

Yep, Bushy's the

Psst! Only joking re. "shagging" but thought it might get PP and the rest of 'em going for bit of a bun-fight!

Wait 'til PP sees it, his monocle will fall off ...

Au contraire: saw it, smiled wryly at your exciteability, flicked an imaginary speck of dust off my shoulder, called my man to re-iron my copy of The Times.

Lol Bushy. I didn't mind the shagging...honest! A good bit of shagging never did anyone any harm. You really are quite surprising at times Bushy...I just knew there was a pussy cat underneath that hard exterior

Would that be a bat man then Pat? Whatever happened to women "that do"? Tsskkk, men taking over house work, didn't happen when I were a lass that's for sure.

Cheers Magster, you're a good sport and no mistake! A lass after me own heart ...

Magster,

I'm happy to admit I cook, wash up, hoover, mow the lawn, change baby's nappy etc...

Actually, re-reading that I've just realised I'm a complete doormat! D'oh!

Poof!!

Max, take no notice of those boys, sounds like you are a reconstructed man...just the sort I like. Now, are you really, fifty, fat, balding and sitting in a flat in the gorbals drinking special brew full super dooper strength?

//are you really, fifty, fat, balding and sitting in a flat in the gorbals drinking special brew full super dooper strength?//

That'll be doug nazi then?

Magster,

LoL! I asked for that...

I'm a trim 9 1/2 stone, was lucky enough to inherit the hairy gene (until I had it cut back a bit 2 weeks ago I could get my pony-tail caught in the waist-band of my jeans if I wasn't careful!) and am generally what Christopher Brookmyre would describe as "a long drink of water". I may provide proof...

Watch it Magster or he'll be turning up at your gaff next ...

Listen out for the roar of a massive motorcycle, the smell of hot oil, the click of steel toe-caps on concrete, the noise of strained tight fitting leathers, the metallic zing of a Zippo and the sultry distant stare of the Deanesque Rebel Without A Coat ... That's our boy, it's V Max!!



Magster, do not read following:

V Max, please cheque or postal order for £5 (as agreed) to "Bushwhack'd Talking Total B*llocks Inc." as usual and the very best of British to you old boy!

So you're hiding away here, too?