It’s always a nice feeling, seeing your rental income appear in your bank account. But what if your tenant was a hairdresser, or a baker? Would you forego some of that rent in exchange for free haircuts or cake?
As a landlord, you might not think of yourself as self-employed or a small business owner. HMRC, however, does, and if you’re making money from renting out your properties you’ll need to fill in a Self Assessment tax return.
The answer to whether it’s cheaper to manage your buy-to-let property yourself or to pay an agent to do it is perhaps not as obvious as it first appears - it is not just a matter of the fees you pay to an agent verses yourself doing it for free.