Landlords, we’ve got you covered. Everything you need to sort your taxes, sell your property or build your empire.
Here are some common questions we’ve gotten from landlords like you.
You can claim any costs that directly relate to renting out or maintaining your properties.
No, not on your income. On your income, you’ll only need to pay Income Tax and National Insurance.
When you sell your property, you might need to pay Capital Gains Tax on the profit you make. You won’t need to pay CGT if the property is your main residence unless you rented it out at any point.
If you purchase a property that isn’t your main home, you’ll be liable to pay second home tax. These include:
There are some exceptions to take note of.
You can earn up to £7,500 tax-free per year when renting out part of your home. It’s essentially a tax-free allowance and allows you to be more tax-efficient.
If you earn less than this in rental income annually, you won’t owe any tax.
You can submit your earnings to HMRC by filing a Self Assessment tax return.
You can claim the £1,000 tax-free property allowance if:
The mortgage interest tax relief is a tax credit that landlords can claim to reduce their tax bill.
Landlords can claim relief at the basic rate of 20% on their annual income for whichever of the following is lower:
Read more about the changes in mortgage interest tax relief and how they could affect you.
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