Where you’re earning £1k or more in property rental income, this income should be declared to HMRC, in the form of an annual personal tax return, or ‘Self-Assessment tax return’, and any tax owed to be paid by the end of January in the year following. Failing to report this could see you investigated and fined by HMRC, with penalties for late payments, so it’s important to be aware of your responsibilities as a Landlord, and keep the right records.
For further information look at our comprehensive guides to point you in the right direction.
