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Rooms London Rent

Bernard Said:

Are the rooms or small apartments too expensive in London to rent?

We Answered:

Yes they are. I rent currently a 1-bed studio which is basically a shack in Brent, for £650pcm. Then on top I pay council tax of £80 per month, plus bills, etc.

Perry Said:

I have a 3 bed place in London and rent out 2 rooms. What tax am i liable for?

We Answered:

If you want to be above board then still very little:

You will only be due to pay tax on anything in excess of the rent-a-room scheme and will not have to pay on the bills proportion of income - only rent.

You can write off a proportion of the INTEREST of your mortgage (at least half of your monthly payment - you can get from your mortgage statement) plus a percentage for wear & tear (It's 10% if you rent out the whole flat) plus any other costs associated with renting, advertising, furnishings etc.) I'm pretty sure that once you've done this you will not be making a taxable profit. I'm not an accountant but have rented out places myself. The inland revenue website may have rates & allowances. Hope this helps.

Sidney Said:

Is it legal in the UK (especially London) to rent a house and re-rent its rooms?

We Answered:

You want to sublet the other rooms.

Most leases do not allow for subletting. Check the lease for the house and see if it says anything about subletting. If not, check with your landlord.

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Woah, I did not realize renting a room in London could be this expensive! This was something really surprising to learn but I am glad I did. I will be sure to have a good budget when I visit London!

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