By Ola Sulaimon
IN the UK, individuals that earn income from letting property normally pay tax on their rental income. The tax would be applied on the rental profit rather than the rental income.
At Ronzl accounting firm in the United Kingdom, we also support individuals that are trying to take advantage of the property let campaign .Property let campaign was introduced by HMRC to enable individuals or business that have previously received property income without declaring it to make the declaration now.
HMRC’s main concern, however, is there are lots of landlords in the UK that receive rental income both in the UK and abroad without paying tax.
This became more of a concern when HMRC decided that interest from loan and mortgages would be disallowed as an expense by 2020. Most of the expense from letting a property out is usually this expense and therefore more tax will be recovered from the tax payer. READ MORE