If you are letting out a property in the UK you need to declare this income to the revenue even if you are making a loss.
If you let out all or part of a property (including your home), how you’re taxed on the rent depends on the type of letting.
If you let property abroad, you may have to pay UK tax on the rental income if you’re resident in the UK for tax.
If you jointly own your rental property – both parties are responsible for declaring the income to the revenue.
If you let out your property furnished you are entitled to wear & tear allowance.
Tax Return Online Services can ensure you are taxed correctly, and that you are complying with all the tax laws whilst making sure that you are utilising all your tax benefits, and allowances.
So if you have any type of rental income including;
- Renting a room or rooms in your own home.
- Residential Lettings.
- UK Furnished Holiday Letting.
- Overseas Property Lettings.
Contact Karen for further advice and assistance.