12 Reasons To Rent Out Your Property

Frequently asked questions

What are the tax implications of renting out my house?

As a landlord, you must normally pay income tax on any profit you receive from any rental properties you own. Put simply, your profit is the sum left once you've added together your rental income and deducted any expenses or allowances. What counts as rental income for landlords? Your income is primarily the rent you receive but also covers any other payments from tenants for services normally provided by a landlord. Cleaning of communal areas Utility bills - including hot water, heating, broadband and water Arranging repairs to the property If you charge any non-refundable deposits for your property these will also count as rental income, as will money that's kept over from a returnable deposit at the end of the tenancy. These include: