Archive » United Kingdom » a question....
| Author | Post |
|---|---|
| Gmmi Member Member # 66 | Posted January 14, 2004 02:41 PM I am a work-permit holder. I am planning to change job and possibily will move to another city. I am owner of my house(morgage payer) would it be possible for me to rent my current house? I heard that work-permit holders cannot earn any kind of money apart from their job. What would be the best soulution for me? |
| Dip Member Member # 4428 | Posted January 14, 2004 03:19 PM I would be a bit surprised if this were the case. Dont your other assets earn? Like interest on your bank balance or investments. I dont think there is any issue. For your peace of mind, give the Homeoffice a call. If at all there are restrictions, they could be for buying to rent kind of situations. Your situation is clearly not that. The workpermit restrictions may only be in relation to taking up another employment etc. Regards |
| Gmmi Member Member # 66 | Posted January 14, 2004 05:42 PM Dip thanks for encourging answer. The real issue is that If I am not wrong we have to pay tax on rental income. |
| Dip Member Member # 4428 | Posted January 14, 2004 06:40 PM There is no question on that. You have to pay the tax on all income earned including rent income. However, remember you get deductions for interest part of your mortgage and also I think some percentage towards wear and tear and any monies you spend towards maintaining the house. You may need to refer to the Inland revenue site for this. Regards |
| Thorsten von Thyssen Member Member # 4397 | Posted January 15, 2004 10:10 AM Dip is right. Remember also that if one of you is not working he or she can utilise his or her personal allowance of £4615 p.a against thhe net rent income. Estate agent fees are also allowed. If your house is furnished you get a 10% wear & tear allowance based on the gross rent. [ January 15, 2004: Message edited by: Thorsten von Thyssen ] -------------------- ----------------------------------- |
| Gmmi Member Member # 66 | Posted January 15, 2004 12:08 PM Thanks Dip and Thorstan. |
Contact Us | workpermit.com | New discussion board
(c) workpermit.com 2001-2004