Day 27: Property Income and Your Tax Return

With 27 days until the deadline, landlords must ensure accurate reporting of property income and expenses. Recent tax changes have significantly impacted the rental sector, making professional guidance more valuable than ever.

Key areas to address:

• Rental income from all properties
• Allowable maintenance and repair costs
• Mortgage interest restrictions
• Service charges and ground rent
• Insurance and letting agent fees

The mortgage interest relief changes have particularly affected higher-rate taxpayers. Understanding how to properly report these expenses is crucial for compliance and optimal tax efficiency.

Remember to distinguish between revenue and capital expenses. Improvements versus repairs have different tax treatments that can significantly impact your liability.

Our property tax specialists can help ensure you're claiming all eligible expenses while staying compliant with current legislation.