If you receive rental income that exceeds your total expenses, allowances and reliefs, then you are required to pay tax on this income by submitting a tax return. If your rental property generates a loss, you may want to voluntarily disclose it because this allows you to make use of the loss in the future should the property turn profitable.
If you have Capital Gains Tax to pay, for example because you've sold or given away a holiday home or second property, you will need to complete a tax return. We can advise you on any tax planning opportunities available, in order to minimise your Capital Gains Tax liability. We can also calculate your Capital Gains Tax liability and complete your tax return for you.
Please contact us for any other related advice requires related to tax on property.