General Information for Landlords

It is vital that you keep accurate books and records. You should be able to produce receipts for any expenses incurred in the running and maintaining of your property as and when HMRC request.

To help you do this you should keep a rent book, this can be electronic for example a spreadsheet, a note of all rents received should be logged, as well as fees for any other service for example laundry or provision of meals.

You must keep all receipts, invoices and bank statements, all documents must be kept for a minimum period of 6 years.

For capital gains purposes you should details of any legal and professional costs as well as the initial cost of the property along with receipts for any capital expenditure incurred. All of this information will be required in order to calculate any capital gains tax. Failure to keep a record and proof of capital expenditure could result in you paying more capital gains tax.