You are a landlord if you rent out your property. You may have to pay income tax on your rental profits if your total income exceeds your personal allowances. Your rental profits will be taxed at 20%, 40% and 45% depending on which tax band the income falls into.
You must pay tax on your rental profits you make in each tax year. A tax year in the UK runs from 6 April to the following 5 April.
There are different tax rules for calculating taxable rental profits for:
At Martax, we can help you:
If you need any help or advice in relation to your let properties, please get in touch.