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      09-23-2012, 01:16 AM   #1
scooba0010
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Renting Property hmrc

I was asked yesterday and I dont know the honest answer ,

If some body is renting there Main Home out and living in Australia there Mortgage is 200 pcm and the rent is 800 pcm the letting firm is 10% plus vat so around 100 they are overpaying there mortgage buy 500 pcm.

Would they need to declare they are making the extra 500 or just pay it off the mortgage and say nothing , it is there only home in the uk it isnt like they have multiple properties.

I would assume the 500 is considered profit and un taxed income ? so it should be declared.

Could they be found out and how , I guess the land registry know who owns it and the electoral role who lives there ,but who would know what the mortgage payments were ?

TIA

Last edited by scooba0010; 09-24-2012 at 12:34 AM.
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