Hi everyone, we moved to Tenerife November 2012 and because everything seems to go smoothly here me and my partner have decided to rent out our house back in UK.
I already contacted the bank and the insurance company to get those things sorted but in relation to TAXES what do i need to do?
I check the HMRC website and the more i read the more i get confused. After a day reading things i still have no clue on how to declare my future rent and how much will it cost me on taxes. From what i understood i will have to pay tax not on the rent but on the profit so i will have to deduct some costs (like interest of the mortgage, house insurances.....) but i don´t understand when do i pay it, how much will it be and if it´s something i can do from here or if i have to go back every year to pay and so on...
Can i do it mayself or do i have to get an accountant for this? Also if you know any accountant that does it for you at a reasonable price feel free to pass me the details.
I´m sure there are more people that live here and rent back home so pls give me some guidance!!
I will be in UK for 10days end of February and i was hoping in 10 days to be able to put everything straight and come back here without any problem unsolved.
Thanks in advance for your help!!
T