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Rental income, declare yours!

1/29/2017

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31st January 2017 is the deadline for online annual tax return; any individual that receives income from letting a property has to declare this to the HM Revenue & Customs, even if you do not make a profit.
 
The amount you pay depends on your circumstance. You must declare to HMRC of any taxable profits you owe them, or you could be liable for a fine.
 
There are different rules you must follow if you are:
  • renting a room in your home
  • letting a property as a furnished holiday letting
  • letting a property in the UK while you live abroad
 
 
Visit the HMRC website for further information on your personal circumstances:
https://www.gov.uk/government/news/changes-to-tax-relief-for-residential-landlords
 
 
There are certain expenses you can claim against the amount payable, some include:

  • General maintenance and repairs to the property, but not improvements (such as replacing a laminate kitchen worktop with a granite worktop)
  • Water rates, council tax, gas and electricity
  • Insurance - landlords’ policies for buildings, contents and public liability
  • Interest on a mortgage to buy the property
  • Costs of services, including the wages of gardeners and cleaners
  • Letting agent fees and management fees
  • Legal fees for lets of a year or less, or for renewing a lease for less than 50 years
  • Accountant’s fees
 
We always recommend getting a reliable accountant that is specialised in property lets, to ensure you are minimising your tax liability and reducing the risk of penalties.
 
Remember, you need to keep your records for six years after the tax year they’re for, in case the HMRC ask to see them.
 
 
If you need any assistance or recommendations of local reliable tax accountants, contact Clair at Elite Lettings on 01202 521 292
 
 

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Office 5 Drewitt House
865 Ringwood Road
Bournemouth
Dorset
BH11 8LL

Company No: 09069346

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  • Home
  • Find A Home
    • Wimborne
    • Bournemouth
    • Poole
    • Ferndown
    • Christchurch
  • Holiday Rentals
  • Landlords
    • Insurance for landlords
  • Tenants
  • Maintenance
  • Contact
    • About
  • News/Blog