Are you paying the right tax?
As a landlord running a business, you need to make sure you are paying the right tax. There is detailed information on the Government website on paying the right tax on your rental income.
Further tax advice is available from:
- Letting out property - Get your tax right from the start - a mini tutorial explaining how property income and expenditure are treated, information about capital gains tax and inheritance tax, advice about tax return filing and paying dates, also PAYE and VAT obligations.
- Property rental toolkit - advice for landlords and agents to avoid the most commonly made errors in property rental tax returns.
- The Let Property Campaign - bring your tax affairs up to date if you’re letting out residential property in the UK or abroad and get the best possible terms to pay the tax you owe.
- Rent a Room Scheme - lets you earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home.