HMRC have released new guidance detailing examples of tax errors that landlords make. It focuses on scenarios where people become landlords but, for various reasons, are unaware of their tax obligations. Ten common reasons for people becoming ‘unintentional’ landlords have been identified, along with real life examples of each. These include: renting out a house … Continue reading Would HMRC Consider You a Landlord?
Rental income does have to be disclosed to HM Revenue and Customs but whether or not you have to complete a tax return to disclose the income will depend on your circumstances. You will not need to complete a tax return if: The gross rental income is below £10,000 per annum, and The net rents … Continue reading Receiving Rental Income: Should You Be Completing A Tax Return?