Quote:
Originally Posted by spock
Thanks Tyke, that sounds reasonable. I'm renting to a friend who will only be charged enough to cover the costs, so no profit at all. Will I still be taxed on that money?
I realise you're not an expert but you do have some experience in the matter obviously.
Cheers,
James.
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If you are not making a profit then you won't pay tax.
As to whether or not you have to declare this is another matter.
I'd just keep some paper record.