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What are the Tax implications of a 'Buy to Let' property?

What are the Tax implications of a 'Buy to Let' property?

What are the Tax implications of a 'Buy to Let' property?

If you own a property that you let out, you will need to declare your rental income and expenses on your self-assessment tax return.

To do this, you need to know the “basis” for declaring letting income and expenses, and which expenses can be claimed.  

If you decide to sell your Buy to Let property in the future, you will need to be aware of the capital gains tax implications of such a sale. You also need to understand the reporting requirements to HMRC, including preparation of the 60 day CGT residential tax return and self-assessment tax return.

Who does this affect?

This affects you if you receive letting income for part of your own home, or from residential lettings, commercial lettings, or furnished holiday lettings.

What’s at stake?

Getting proper tax advice will ensure that you do not lose out on claiming all the expenses and reliefs you are entitled to. It will also make sure you meet all of HMRC's compliance requirements, avoiding costly fines for non-compliance in the future.

What should I do next?

If you would like help with your property tax planning and compliance, please contact Liz Higgins, our Head of Private Client Tax.


First published 3 November 2020
Last Updated 3 November 2020

3 November 2020
First published.

This is for information purposes only. No action should be taken without seeking specific professional advice. Thank you.

Find out more about Liz Higgins

Liz Higgins

Liz Higgins

Liz is the Head of Private Client Tax at Critchleys LLP.