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Buy to let tax checklist


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Nicholsons Chartered Accountants

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Useful articles:

How to fill in your tax return

Property tax changes

Be clear about your buy to let objectives eg income or capital growth?

Once you own rental property personally, you will need to submit a tax return annually, so each year you will need to collate details of:

  • Rental income

  • Allowable costs – ground rent, rates, insurance, repairs

  • Loan or mortgage interest

Your tax accountant should be able to advise on any other claims you can make to keep your annual tax bill as low as possible.

In the case of married couples/civil partners, tax can be mitigated by making sure a property is in the ownership of the lowest rate tax-payer. If jointly owned, legal and tax paperwork needs completing and submitting, but the relatively small cost can soon be covered by tax savings.
  Consider, or take advice on, the costs and benefits of owning property via a limited company.

Keep the following details in a safe place for future reference:

  • Original price paid for your rental properties, including stamp duty land tax (SDLT)

  • Dates any of the properties were your main residence

  • Any costs you incurred purchasing/selling, such as legal fees and estate agents fees

  • Any capital improvement expenses

  • Legal information about properties you own

  • Details of how the properties are owned, eg Joint Tenants or Tenants in Common


To allow your tax accountant to provide you with best advice on your overall capital and income situation, you will (ideally) need to provide:

  • A spreadsheet showing original property costs, current values, and outstanding loans

  • Information about all other assets you have, including their values and original costs

  • Bank and building society balances (including ISAs)

  • Stocks and shares – costs and current values

  • Details of all your other annual taxable income

  • Life assurance policies

  • Pension information

  • Details of any wills in place, and any likely inheritances you may receive


All our information is brought to you by Kate Faulkner OBE, author of Which? Property books and one of the UK's top property experts.
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