As a Portadown landlord, it’s important to understand your tax obligations and file a tax return each year. This is to report your rental income and claim any deductions or credits you’re entitled to. It can be a daunting prospect, particularly for first-time landlords. In this step-by-step guide, we will help you through the process of filing a landlord tax return, from gathering your records to determining gross rental income, claiming expenses and finally filing your return. Earning a passive income through property is a powerful concept. This does, however, mean that you will need pay tax on it and consequently, will need to file a self-assessment tax return. Adding property income to a self-assessment is straightforward if you already file one. If youaren’t in this position, however, it can still be done and most importantly, can be done online. 1. Register with HMRC The first step is to register…
