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.
In the UK, there are roughly 1.5 million landlords, but only 500,000 of them are known to HMRC. The majority of this undeclared rental income occurs in – drumroll please – South East London, Leicester and Birmingham. We see you 👀
Stay on top of your buy-to-let landlord 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.
Want us to take your buy-to-let tax responsibilities off your hands? Scroll down to learn more about our TaxScouts services. We’re adding new tools and polishing our existing services all the time, to make sure we’re bringing our community the crème de la crème of simple, online tax help.
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