If you are an individual and own property in the UK that you have rented out, you are liable to file self-assessment tax return of yourself.
You have to register yourself for self-assessment at any time during or after the period in which you earn property income. The income tax for Landlord is same as for other self-employed or sole trader businesses i.e. 6th April to 5th April. This is the period for which you have to disclose your property income to HMRC through self assessment tax return.
You have to submit an application for registering for HMRC taxes (self-assessment) and upon acceptance of the application, HMRC will allocate you a unique tax reference (UTR) number. This number remains the same throughout your life and will even be same if later you start self-employment. On the other hand, if you are a self-employed already you have to tell HMRC about your property income through your self-assessment return, while you will use the same UTR number that you have been given for your self-employment.
You will be allowed to deduct related expenses from your income, and pay tax on the net income derived after deducting the expenses if you are not working as a self employed you will not need to pay any national insurance contribution on your net income. Normal income tax rates and rules will apply to the income you earned during a tax year; please follow the link to tax rates.
We only charge a fixed fee based on the number of properties you receive rent from, and our fee will include;
- Registering for self-assessment
- Income from property
- Income from employment
- Interest income, dividend income, pensions & benefits
- File your self-assessment tax return
- Provide you with a list of allowable expenses
- Act as an agent on your behalf
- Email and telephone support throughout the year
- BNW- Bookkeeping software and property rental sheet
- Tax planning for small planning