The B20 Wessex Autumn Tax Briefing is available for download.
2 months ago
Rental properties are a popular investment choice in the UK. Whether you own one or several rental properties, you must declare this to HMRC through your personal tax return.
If you make a profit on your property, you may be liable to pay tax on the income, but this will be evaluated against your entire personal income and annual personal allowance. Conversely, if you make a loss, this can be accrued and offset against future rental profits.
It is valuable to note that there are a number of expenses you can claim which can be offset against your rental income. There are many legitimate expenses, which include the following: