When starting up as a landlord there are a number of issues and tax implications to bear in mind: Decide on what investment property to buy. This is obviously the most basic decision and the key decision. Decide how to own it – on your own, with a partner, or through...
HMRC’s definition is “a property rented out by at least 3 people who are not from 1 ‘household’ (for example a family) but share facilities like the bathroom and kitchen”. It is sometimes called a ‘house share’. Common examples of HMOs are student accommodation and...
This is a government-backed scheme that protects a tenant and the deposit they initially put down when entering into a new tenancy agreement. This amount is decided by the landlord and is typically in proportion to the monthly rent up to a maximum of 5 weeks’ rent (or...
If you rent out a residential property, HMRC will want to know the total amount received and the expenses you’ve paid for. It applies even if there were periods when the property was empty. So what to do if you’ve missed the submission date for a tax year? Or even a...
Common expenses that can be claimed against rental income are: mortgage interest – even though there were new rules in April 2017; the management fees for the agent; maintenance of the building including provision of a cleaner; travel costs to visit the...
This is a list of tax deductible expenses that you can claim against your rental property income. Mortgage interest is claimable in full (but since April 2017 there have been restrictions on tax relief) Management charges/commission to letting agencies Property...
