Quote Originally Posted by Igovernor View Post
you pay tax on all income over the allowance threshold, if you are taking a year off from work then unless you are charging over 10K for rent (£833 month) you will not pay any income tax
assuming you have no other income coming in.
As for informing the freeholder, it is the mortgage company that you need to contact for advise, not the freeholder, unless they are one and the same
You may laugh but the going rate for the same flat as mine in the building seems to be around £1k+ a month, which is crazy to me but people do pay it. That's why I'd be happy to let it go for less than market rates if it meant a quick deal was there to be made! Would the costs of running the flat, i.e. mortgage, bills etc not be tax deductable? Apologies for any daft questions but I've never had to manage my own taxes before.

When I last spoke to the mortgage company they just told me that I wasn't able to rent the flat because it was on a help to buy scheme, so not sure if going to them for advice would help?