Tag: Tax on Landlords

Keeping Records of Rental Income and Expenses

The profit can be calculated by deducting allowable expenses from rental and other income of the property business. However, where it is beneficial to do so, the landlord can claim the property allowance of £1,000 and deduct this instead of actual expenses.

HMRC Campaigns Tax Evasion Rental Income
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HMRC Campaign for Tax Evasion of Rental Income

According to HMRC, the point of the campaign is ‘to help those that are not paying the correct amount to put that right’. They describe this campaign as ‘an opportunity for landlords who owe tax through letting out residential property, in the UK or abroad, to get up to date with their tax affairs in a simple, straightforward way and take advantage of the best possible terms.’