Property Rental
Income Tax Service
in Woolwich, London
Make sure you are paying the correct rental income tax with advice from Lesstax 4 U. Serving clients in Woolwich, London, and throughout the UK, we provide expert guidance for landlords and others who profit from property rental. With extensive experience in the industry, we help you fulfil all legal requirements to avoid penalties from HMRC. Get in touch today with any enquiries about property rental taxes.
Calculating Your Taxes
How much you pay depends on how much profit you make after claiming expenses and allowances, as well as your personal circumstances. You must register with HMRC if you have taxable profits from the property you rent out. If you’ve not told HMRC about your property rental previously, you need to do so by 5 October following the tax year you had taxable rental profits.
Allowable Rental
Property Expenses
When you rent out property you may have to pay tax on the profit after taking into consideration all allowable expenses. The expense should be incurred wholly and exclusively as a result of renting out your property.
Some examples of allowable expenses are:
- General Maintenance and Repair Costs
- Water Rates, Council Tax, and Gas and Electricity Bills (If Paid By You as the Landlord)
- Rents, Ground Rents, and Service Charges
- Direct Costs, such as Phone Calls, Stationery, and Advertising for New Tenants
- Insurance, including Landlords' Policies for Buildings, Contents, etc.
- Cost of Services, e.g., Cleaners, Gardeners, Ground Rent
- Agency and Property Management Fees
Running A Property Business
What you do counts as running a business – for example, if all of the following apply:
- Being a Landlord Is Your Main Job
- You Rent out More Than One Property
- You’re Buying New Properties to Rent out
- How to Calculate Your Taxable Rental Profits
There are different rules to follow if you’re:
- Renting a Room in Your Home
- Letting a Property as a Furnished Holiday Letting
- Renting out Foreign Property
- Letting a Property in the UK While You Live Abroad
Running A Property Business
What you do counts as running a business – for example, if all of the following apply:
- Being a Landlord Is Your Main Job
- You Rent out More Than One Property
- You’re Buying New Properties to Rent out
- How to Calculate Your Taxable Rental Profits
There are different rules to follow if you’re:
- Renting a Room in Your Home
- Letting a Property as a Furnished Holiday Letting
- Renting out Foreign Property
- Letting a Property in the UK While You Live Abroad
Rates of Tax
Please note that the rate of tax you pay depends on your total income for the year, including any income from employment, self-employment, or pensions Click here for more information
Paying Rental Income Tax Correctly
As a landlord, you are required to pay property rental income tax on your earnings.