Renting out space room spaces

[Dennis 77]

Hi there,

I was wondering by any chance if someone could please assist me with the following question:

My cousin owns a private business for about 10 years but he has a house. If he suddenly starts to rent out rooms in his house to other individuals. Does he need to let the tax office know for his future tax claim? (Only his name is on the mortgage).

Any information would be greatly appreciated!

 

[Atticus]

If he suddenly starts to rent out rooms in his house to other individuals. Does he need to let the tax office know for his future tax claim?

In most cases income from rent is taxable & is supposed to be declared at tax time each year