© 2019 by PETERS & CO

Peters & Co.
Imperial House
64 Willoughby Lane
London

N17 0SP

Tel: 020 8885 3344
Fax: 020 8885 1144

RENTAL ACCOUNTS

Any individual who receives income from letting a property would have to declare it to HM Revenue & Customs, even if they do not make a profit.

How you are taxed on the rent you receive from your single or portfolio of properties depends on the type of letting. If you have several properties, all rental receipts and expenses can be lumped together, so expenses on one property can be deducted from receipts on another.

Even if you are letting out part of your own home, you may have a tax to pay. Though, you may be able to claim rent-a-room relief. If you don’t already receive a tax return, you must notify HMRC of any rental income by 5 October after the end of the tax year 5 April.

TEL: 020 8885 3344