Uk rental income tax calculator
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Is rent tax deductible uk
How to avoid paying tax on rental income!
Work out your rental income when you let property
Rental income
Rental income is the rent you get from your tenants. This includes any payments for:
- the use of furniture
- charges for additional services you provide such as:
- cleaning of communal areas
- hot water
- heating
- repairs to the property
Paying tax on profit from renting out your property
You must pay tax on any profit you make from renting out property.
How much you pay depends on:
- how much profit you make
- your personal circumstances
Your profit is the amount left once you’ve added together your rental income and taken away the expenses or allowances you can claim.
If you rent out more than one property, the profits and losses from those properties are added together to arrive at one figure of profit or loss for your property business.
However, profits and losses from overseas properties must be kept separate from properties in the UK.
There are different rules if you’re:
Types of property ownership
Joint ownership
You can share ownership of rental property with other people and the amount of rental
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