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Tax Return on Rental Property Income
We give landlords expert advice for their tax returns
Did you know that …?
- You can have a tax bill even if the rent doesn't cover the mortgage.
- Letting a lodger share your home can provide a tax-free income under the Rent-a-Room arrangements.
- Not all things you spend on a rental property can be claimed against the rent.
- When you sell a rental property you will almost always have to complete the Capital Gains pages of a Tax Return.
- If you sell a rental property for more than it cost there may be Capital Gains Tax (CGT) to pay.
- Most landlords have to file a Tax Return each year.
- All have to tell HMRC they are letting out property.
Accountancy rules and tax requirements are much more complicated than most 'non professional' landlords realise and getting it wrong can be very expensive! Many of our clients have rental property of various types, sizes and uses. We make sure that you stay well clear of all the potential income tax pitfalls.
At our YouTube channel you can view explanatory videos about rental income and how it's taxed.
If you need to know more about your tax requirements for a Buy To Let property, call us now for an initial, free, consultation on 028 9080 6080.