Originally published at: How to Fill out a Landlord Tax Return: Step-by-Step Guide | OpenRent Landlord Hub
The downside of making money from renting out property is that you must pay tax on it via a self-assessment tax return. All rental income is subject to income tax at your usual tax rate, with some reductions for things like repairs and maintenance. If you already do a self-assessment, then adding property income will…
Would add here a recommendation to to sign up to HMRC updates. They have helpful videos on their you tube channel and also do regular webinars regarding income from property which is worth a listen - especially as people have the option to ask questions and you are able to save the Q&A log which is useful. Keep receipts - There are apps where you can scan and save as you go along.
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That’s a great suggestion, Tracey!