Our accountants are experts in filing tax returns for landlords.
Buy-to-Let, Capital Gains Tax and more – all done for £119, one-off.
We know that the HMRC rules can be confusing, from the recent changes to how landlords can claim mortgage interest to how the income from platforms like Airbnb is taxed.
That’s why we built a customised rental Income Tax calculator so you can quickly see how much you likely need to pay.
If you’ve just sold your property, use our free Capital Gains Tax calculator to see how big your tax bill may be.
The rules are different if you’re selling your home or a second property.
Anything can be claimed as long as it relates directly to renting or maintaining the property:
Three important things to keep in mind:
As long as you also live there, you can actually claim the first £7,500 as a flat tax relief.
It’s called the Rent-a-Room Scheme, and it’s one of the best tax reliefs landlords can get.
If you earn under £7,500 from rent, you don’t even need to declare it or submit a Self Assessment tax return.
Again, the only condition is that you also live at the property.
There are two situations:
1. If you also live at the property, you can claim the first £7,500 as a flat tax relief as part of the Rent a Room Scheme. If you earn less than that through Airbnb-ing your own home, you shouldn’t need to declare it.
2. If it’s a second property or a buy-to-let and you earn over £1,000 from rental income (including Airbnb), you have to declare it and pay tax on it.
First, if you’re renting out a buy-to-let, you can only claim mortgage interest – not the full mortgage payments.
Second, starting in 2020 you will get a tax credit worth 20% of your finance costs instead.
What does this mean for you?
You don’t have to pay Capital Gains Tax (CGT) on property when:
What you can claim to reduce your CGT bill: