Rental Income Tax

Landlords that receive rent from their properties are deemed to be engaging in a trade, therefore there is potential for Income Tax to be paid on profits. However, the term rental income tax is used a lot and is not accurate, as with any trade there is income (rental) and there is expenditure.

The expenditure in its various forms is allowable against the rental income as long as the expenditure is wholly and exclusively for the purposes of the business, i.e. it has to have been incurred as a result of the property being rented out.

Our PGA Tax Returns website discusses the many items that are allowable against rental income including our accountancy fees for preparing your landlords self-assessment tax return.

With charges for preparing landlord self-assessment tax return with property income costing just £149 inc vat, there is no real need to stress yourself about rental income tax, we will use our experience to ensure that you do not pay a penny more tax than you have to, all within the HMRC rules of course.

So the next time you hear the phrase rental income tax, do not get too concerned, the only tax that you will be liable for from your property rental income will be the profit that is left after all allowable costs have been deducted.

For further information on what are allowable costs, please call us on 01666 829013.

Landlords Self Assessment Tax Returns just £149 all in.