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Landlords are business owners, and you’ll pay tax depending on how your business is run. As a quick start pointer, it's worth getting familiar with things like ‘allowable expenses’, and you’ll need to register as a Self Assessment taxpayer. Remember, tax needn’t be taxing – you just need to find out where you stand.Start your quote
The amount of tax you pay will depend on how your property is rented, your rental income, and your total ‘allowable expenses’. These are the costs that HMRC permits you to deduct from your earnings for tax purposes, and can include:
To find out the figure on which your tax will be based (your net income), you can subtract your allowable expenses from your total income. You may also be able to deduct a wear and tear or renewals allowance. If you have more than one property, remember that HMRC will treat them all as one business.
The situation is different if you want to let a furnished room or a floor in your own house or flat. In this case you may be able to use the Rent A Room scheme, under which you can earn up to £7,500 a year tax-free. You also won’t need to complete a tax return, provided that your rental earnings remain below that threshold. You must be a resident landlord in order to qualify for Rent A Room.
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6th Floor99 Gresham StreetLondonEC2V 7NG
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© Copyright 2020 Simply Business. All Rights Reserved. Simply Business is a trading name of Xbridge Limited which is authorised and regulated by the Financial Conduct Authority (Financial Services Registration No: 313348). Xbridge Limited (No: 3967717) has its registered office at 6th Floor, 99 Gresham Street, London, EC2V 7NG.