What is the Tenancy Deposit Scheme (TDS)?

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...

What is a House in Multiple Occupancy (HMO)?

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...

What expenses can be claimed against rental income?

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...

What expenses can I claim against my rental property?

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...

HMRC Buy to Let Amnesty

If you haven’t told HMRC about your rental income – there is a process to help you get up to date and avoid huge penalties.  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...