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Tenancy Agreements:

What is an agreement?
Section 21
Section 13 (2)
Sections 47 & 48
Please be careful!
Need an agreement?

Information Point:

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Tax and the Landlord

If in any doubt, please contact an accountant or other financial advisor.

Tax is rarely an easy issue to understand, but after much research and questioning we have come up with the following:

Do I have to pay tax on any income from letting my property?

Expenses - keep records!

Allowable expenses.

Do I have to pay tax on any income from letting my property?

This very much depends on your personal circumstances. All income collected from renting your property should be added to any other taxable income you have.  However, please ensure that you keep a separate record of your ins and outs.  Should your taxable income exceed your tax allowance, then you will have to pay tax.  However, there are tax allowances and incentives, especially if you rent a room in the property you live.

Expenses

Only those expenses incurred "wholly and exclusively" for the purposes of letting your property can be offset against your letting income.  Keep receipts for everything.  All records should be kept for a minimum period of 5 years.

Allowable expenses.

Wear And Tear

For furnished property you are allowed 10% less of any rates that you pay, i.e. water and council tax.  The alternative is to claim for the full replacement value, but I find that 10% tends to be more beneficial.

Insurance:

All insurances connected with your property may be included.

Maintenance and Repairs:

Note that costs for general improvement of your property can not be included.  Repairs and general maintenance specifically for the property may be.

Water and Rates:

Where these are not paid by the tenant, you can include these, including Council tax.  Make sure you keep the bills.

Agents Fees:

These can be deducted as can any management fees you pay.

Loans etc.

Where your property is being let for a minimum of 26 weeks you can normally claim any interest on loans taken out for the purpose of renting your property.  Check with your income tax office.

 

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