Taxation from Rental Income
Rental income is added to any other relevant income you earn during the financial tax year.
For example, income from employment or possibly interest from savings – to calculate your tax liability.
You must declare this income on a Self Assessment tax return each year.
However, you might be able to claim certain expenses to offset against your rental income and reduce your tax bill.
This includes, for example, some or all of your mortgage interest payments, if you have a buy-to-let mortgage, letting agent fees and some maintenance costs.