HMRC has published updated guidance to assist landlords who want to find out about their tax and how to work out rental income if they rent out property.
The guidance, which can be accessed on the government’s website, runs through a wide range of useful information for landlords, including allowable expenses, joint ownership and record keeping.
In addition to this, HMRC has also published new guidance on its ‘Let Property Campaign‘, which enables landlords, based in the UK an overseas, to get up to date with their tax affairs in a simple way and take advantage of the best possible terms.
Rent-a-room scheme support
A self-assessment help sheet has also been published by HMRC on the Rent-a-Room scheme, which allows owner occupiers and tenants t receive tax-free rental income if they provide furnished accommodation in your only or main home.
The Rent-a-Room Scheme allows owner occupiers and tenants to receive tax-free rental income if you provide furnished accommodation in your only or main home.
Want to learn more about tax?
- The RLA is hosting Future Renting North, a one day conference held at the Concorde Conference Centre in two weeks time. There will be a session at the conference about tax and finance. With landlords now seeing the effect of Mortgage Interest Relief in their tax returns, this is your chance to learn more about the recent changes to tax that affect you.
- RLA members can access advice on tax by contacting the RLA’s tax centre, brought to you in partnership with Rita4Rent.
- The RLA also run courses to help landlords learn more about tax. Check out our Inheritance Tax and Property talk, with dates in London and Bristol.
Most of the people get confused about rental income guidance. HMRC took a very good step about this issue.