Renting out property

[Zackisback878]

Hi All

I've been trying to sell my flat for a while, it was my first property and doesn't look like it is likely to sell soon.

I am now looking to rent it out, going by nearby prices it would be around £350 per month. There is no mortgage and I am in Scotland

Does anyone have any advice on doing things properly? I know i need to let HMRC know and register with my council, anything else? Also any rough idea of how much tax i will be expected to pay to HMRC?

thank you in advance!

www.upad.co.uk/hub/essential-tips/legal-tips/landlords-scotland-what-are-my-legal-obligations

This might be helpful. You’ll pay tax at whatever rate you currently pay.

If you sign up with an agency they will arrange all this for you.

Your tax liability will depend on the net income from the rental and how much other income you have. You will need to complete a tax return. There will also be gas safety checks to arrange, maintenance costs, service charges perhaps ( if you are in a block with communal areas), secure deposit scheme, insurance etc. Do you have permission to let from the freeholder?

Great thanks Both!

If you will be buying another property, do bear in mind that you will have to pay an extra 3% stamp duty for a 2nd property - presumably this also applies in Scotland, though I may be wrong here.

The Scottish additional tax has just got up to 4%.