Failing to declare rental income is a serious offence, leading to heavy fines and interest charges.
Penalties can reach up to 100% of the tax owed, or even 200% for overseas income sources!
Imagine losing your property and facing potential prison time just for not paying tax!
Calculate your rental income, deduct allowable expenses, and pay tax on the net profit.
Claim allowable expenses like mortgage interest, utility bills, and insurance to reduce your tax burden.
Overseas landlords must declare income just like UK residents. Don't forget to register for the Non-Resident Landlord Scheme!
Missed deadlines may lead to penalty points, fines, and added stress—keep on top of your taxes!