When it comes to renting out a property there’s a couple things you need to know..
Firstly, you will have to file a self-assessment tax return for the tax year when you started to rent out your property.
That means if you started to rent out your property in July 2015, then you will need to file a 2015/16 tax year return. The tax year runs from April 6th to April 5th.
What else? -You can deduct expenses from your rental property income, providing that it is required for the running of your letting business.
Listed below are expenses can be claimed:
Ø Rents, rates, insurance, ground rents etc
Ø Property repairs and maintenance
Ø Interest and other finance charges
Ø Legal, management and other professional fees
Ø Costs of services provided, including wages
Ø Other property expenses