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If I rent out a room in my house do I need to declare the income?

D

diyhelp

Active Member
Initially I’m looking at a loft conversion to add more space for my growing family but I may look at an extension at some point. If I was to rent out a room to a tenant in the future do I need to declare the rental income for tax purposes?
 
Veronica

Veronica

Administrator
Any income, from any source must always be declared. If you fail to do so and you are found out there would be penalties.
 
R

realdeals

Active Member
The tax office is now very hot on all additional income streams especially property rental. There are various allowances you can make use of to reduce any potential tax liability.
 
P

PostBrexitInvestor

Member
Never mess with the tax authorities, they will always get you in the end!
 
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