Tax Matters for Landlords Tax Matters for Landlords Do I have to declare my rental income to the taxman? Yes. Rental income must be declared to HM Revenue and Customs (HMRC) on a self-assessment tax return. It is your responsibility to inform HMRC that you...
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Tax Matters for Landlords Tax Matters for Landlords Do I have to declare my rental income to the taxman? Yes. Rental income must be declared to HM Revenue and Customs (HMRC) on a self-assessment tax return. It is your responsibility to inform HMRC that you are now in receipt of rents. How do I inform HMRC that I am now a landlord? The best way to advise your tax district is online via the HMRC website. They will then arrange for a tax return to be sent to you. If you already file self-assessment tax returns, you will need to complete the land & property supplementary pages on your next annual tax return. What expenses can I claim to reduce the tax I pay on rents? The general rule is that expenses must be ‘wholly and exclusively’ for the purpose of the rental business. The main expenses a typical landlord would incur could be: Repairs and maintenance Service charges and ground rent Advertising for tenants Buildings and contents insurance Gardening Agent’s fees and commission Bills paid
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