Rental Property Income

If you rent out a property in the UK, have a lodger or let out a room in your home, you must declare your rental property income. We’ll guide you through the process of declaring your rental property income, making sure you take advantage of any allowable expenses that can be deducted to reduce the amount of tax due.

In addition to declaring property income, our team of experts can also help you understand new rules and regulations which also apply to buy-to-let properties.

Allowable expenses a landlord can claim include:

  • Water rates, council tax, gas, and electricity
  • Maintenance and repairs to the property (excludes building improvements)
  • Contents insurance
  • Interest on a mortgage to buy the property
  • Costs of services, including the wages of gardeners and cleaners
  • Letting agent fees
  • Legal fees for lets of a year or less, or for renewing a lease of fewer than 50 years
  • Accountant’s fees
  • Rents, ground rents and service charges
  • Direct costs such as phone calls, stationery, and advertising for new tenants.