The property market has been an exceedingly difficult one to judge this year, with surveyors being very cautious at the...
Property you personally own
The first £1,000 of your income from property rental is tax-free. This is your ‘property allowance’.
Contact HMRC if your income from property rental is between £1,000 and £2,500 a year.
You must report it on a Self Assessment tax return if it’s:
- £2,500 to £9,999 after allowable expenses
- £10,000 or more before allowable expenses
If you do not usually send a tax return, you need to register by 5 October following the tax year you had rental income.
Mansion Park Limited is a credit broker not a lender.