Individuals seeking to rent out a property that they own are required to pay tax on the income that they receive.
Rental income tax
Income tax is payable on the rent received after deducting allowable expenses. Allowable expenses may include letting agents’ fees, buildings and contents insurance, utility bills, interest on property loans and any other direct costs related to the letting of the property.
Where we can guide your rental income
- Minimising your exposure to capital gains tax
- Minimising the tax due on jointly-owned properties
- Making the most of allowable expenses
- Allowances for equipment
- Rent-a-room relief
- Furnished holiday lettings and much more
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