I own a house but I want to rent it.

I want to rent a house but dont know which is the best option can anybody help.?

• I have bought a second house which is currently empty and i want to rent it out preferably to students its a 2 bed house and i was wondering whether i can be eligible for rent a room scheme as this is my second house and also i want to know will i have to declare my money to hm revenue as some people havent What about council letting how does that work answers will be appreciated thanks

• Answer:

  You can only rent 1 room out to one person tax-free in your primary residence (up to a defined amount per year) to avoid paying income tax on the rent you receive. As this is not your primary residence, any income you receive (minus any relevant expenses) will need to be declared to MH Customs & Revene and you'll have to pay income tax on it. If you have a mortgage on this property, you may or may not be allowed by the mortgage provider to rent the property out to anyone else (check to see if you have a buy-to-let or a residential mortgage). If you rent out the property against the wishes of the mortgage provider, they can ask you to repay your mortgage in full, making your tenants homeless and leaving you responsible to fin them alternative accommodation for the remainder of the tenancy agreement. Anyone who doesn't declare income to HMRC should lose sleep at night as they will find out and you will have to pay itnerest, fines and can even end up in prison as tax evasion is a criminal offence and is cheating every person in this country. You can rent to private tenants directly or through an agency. Some agencies will also find you tenants that are students and/or people on income support/housing benefits.