When renting out your property you may have to pay tax. 

There are different types of taxes you may need to pay if you are renting out your property or thinking about starting a rental business.  This means that  if your profits are £6,725 a year or more you will need to pay Class 2 National Insurance contributions.

If you personally own property that you are renting out you can claim the trading allowance for the first £1000 of your income from the property which is tax free.  This is called your property allowance.

If you are unsure how to register as a landlord then it is best to seek professional advice as the rules are different if you set up a Ltd company for your property business or if you just have one property that you are renting out personally under your own name.

You must register for self assessment by the 5th October following the tax year of trading and declare your income to HMRC.