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UK Property Tax Return

Exchequer Accountancy Services can help you to understand the complicated and ever changing legislation surrounding property landlords. Our team of personal tax experts stay up to date on all the changes meaning you don’t have to.

If you as an individual, make money from renting a property then you are classed as a property landlord and you have an obligation to complete a property landlord personal tax return and submit to HMRC each year.

The Process

  • Each financial year runs from the 6th April – 5th April
  • The deadline for submitting and making payment of your property landlord personal tax return is the following 31st January
  • So, for year ending 5th April 2018 the deadline for submission of your property landlord personal tax return and payment of any liability will be 31st January 2019

As a property landlord there are numerous taxes to be aware of:

  • You may be liable for rental income tax on your rental profits
  • You may be liable for property capital gains tax when you come to sell a rental property

Your property landlord rental income profits are calculated simply as the rents received less any allowable property landlord expenditure incurred and that is what is reported in your property landlord personal tax return.

Some of the main property landlord expenses you can claim:

  • Property repair and maintenance
  • Replacement of domestic items (new from April 2016 replacing the wear and tear allowance)
  • Loan Interest (restrictions apply to higher rate earners from April 2017)
  • Running costs
  • Insurance

Our team of specialist personal tax advisors are here to help and guide you through the property landlord personal tax return process.

If you run a rental limited company the advice is different. Please contact us for further detail.

Call our experts today on 01244 569893 for further advice.

Call us today on
033 3323 1199

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