Me and my partner are both 42 and planning a RTW trip to commence March/April 2013. We are both giving up our jobs, as there is no chance of career breaks being given. We have a house with a minimal mortgage, which we are planning to rent out, using an agent. Does anyone have experience of the tax system relating to renting a property? We won’t be working at all during our time away, so rental income will be the only taxable income we’ll have. It seems like there is so much info out there, but it’s quite confusing. Do we have to declare this before we go, or do you do it when you come back?
Any help and advice would be gratefully received.
I don’t have any first hand advice but http://www.direct.gov is always a good place to start for any tax issues: http://www.direct.gov.uk/en/moneytaxandbenefits/taxes/taxonpropertyandrentalincome/dg_4017814
Thanks Lexi, they do have some really useful info. Just wondered if anyone had first hand experience?
I’m not going to lie, I’m of no help at all. I don’t even know what or mortgage is, let alone how to spell it (I’ve spelt it right, right!?)
The majority of our users here are 16-30, so most of us don’t have a mortgage, but I really hope someone pulls this one out of the bag to show what a wide and diverse travel community we have.
Come on people, Kinny needs our help!