Services for landlords

Tax advice for landlords

HM Revenue and Customs (HMRC) has created the HMRC online training facility (link opens in new window) that will help to develop the knowledge of landlords in relation to matters such as income tax, business records and expenses.

The service is free of charge and may be particularly useful for those landlords new to letting their properties to tenants.

The training is split into bite-sized modules covering the following:

  • when and how property letting starts and what to do
  • the various types of property income – furnished, unfurnished, holiday lets, Rent-a-Room, the Non Resident Landlord Scheme – and how they are taxed
  • the correct treatment of income and expenditure (both revenue and capital)
  • tips on record keeping
  • property disposal, Capital Gains and Inheritance tax
  • tax return filing and paying dates
  • PAYE and VAT obligations

The HMRC Property Rental Toolkit (link opens in new window) provides guidance on how to avoid the most commonly made errors that HMRC sees in property rental returns. It’s primarily designed to meet the needs of agents but may also be of interest to landlords.

There is also a HMRC YouTube video (link opens in new window) explaining the importance of getting your tax affairs in order.