Landlord tax returns.

The costs of renting

Renting out a property to someone can be a bit of a balancing act. Making sure the property is well-maintained and rent is paid to you on time can just be the start of your concerns. When you start to also consider your tax obligations then you can easily be overwhelmed.

Tax & Financial Solutions can support you through your landlord tax returns, making sure any obligations to HMRC are dealt with and kept on top of.

When renting a property you’ll be required to inform HMRC of your landlord status, as you may have to pay income tax. It’s essential you register yourself for a self-assessment tax return by 5 October following the tax year you started to receive income from your let property. 

The rules you have to follow will vary depending on what you’re renting out. There are different systems in place if you let a property in the UK when you live abroad, if you’re renting a room in your house, or even if you’re renting a foreign property.

As well as being required to pay tax, you’ll also need to consider some expenses. Some expenses can include repairs to said property, council tax or utility bills and insurance premiums.

We’re here to provide you with the support and advice you need to make sure your landlord tax is taken care of.

Talk to our team today.