Sorting your taxes should be quick and painless. Not long, pricey and stress-inducing.
That’s why we created a one-stop-shop for everything landlord tax. Think rental income tax calculators, how to guides, tax tips, downloadable tax management tools, and more. Click through the tabs below for tax help, made for you.
Your total rental income tax that you have to pay to HMRC depends on three things:
In your case you earned £18,000 from renting out a buy to let property, on top of £38,000 from other sources.
Your rental earnings are £18,000
You can claim £1,000 as a tax-free property allowance.
As a result, your taxable rental income will be: £17,000.
The first £12,270 will be taxed at 20%: £2,454 in rental income tax.
The next £4,730 will be taxed at 40%: £1,892 in rental income tax.
If you only rent out a room in your house on Airbnb, you can claim the Rent-a-Room Scheme. This means you can earn up to £7,500 in rent each year, tax-free.
Renting out a room in your house on Airbnb but not sure how to claim? Watch this 10(ish) second video about the Rent-a-Room scheme: how it works, how much it is and how to claim.
Stay on top of your Airbnb tax responsibilities with our Tax Return Toolkit. Get a template spreadsheet to format and record your income and expenses for the tax year, check out our Spotify channel for playlists for every tax filing mood, or download our tax deadline calendar straight into your Gmail.
We can help. As well as filing your tax return, we also offer one-off tax advice from an accredited accountant. Totally remote, no strings attached.
Book a tax advice consultation for 1-1 professional support by phone or video call. £119, all in. Learn more.
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