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Paying Tax on profit from Renting out 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.
For further information on this subject, please visit Rental income.GOV.UK
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