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A landlord is a property owner who either rents or leases their property to another party in exchange for rent payments. Landlords can be individuals, businesses or other entities, and they are required to provide the necessary maintenance and repairs of the property during the rental period. The leaseholder or tenant is responsible for keeping the property clean and for general upkeep.
Besides the general wear and tear maintenance of the property, landlords also have a few rules and regulations to follow. They are responsible for looking after the following:
Unfortunately, yes. You’re responsible for paying multiple taxes. You pay Stamp Duty when buying your property, and then Capital Gains Tax when selling it. Depending on how you acquire the property, you may also owe Inheritance Tax.
As a landlord, you also pay tax on your net rental income. This is your total income, minus any ‘allowable expenses.’ These expenses can include:
You’ll also need to pay Class 2 National Insurance (NI) on your rental income if:
Landlords can pay Income Tax and NI by filing a Self Assessment tax return, which we (at TaxScouts) can do for you completely online.
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