Last Updated: 18/01/2016
Tags: Know Your Responsibilities As A Landlord
If you are a landlord in the UK you need to make sure that you are up to date with all of the latest changes to the law concerning renting out a property to tenants. As from last October changes in the law now mean that all properties must be fitted with smoke and carbon monoxide alarms.
Here are is a list of your obligations as a landlord:
• Make sure that your property is safe and free from any health hazards
• Ensure that all gas and electrical equipment provided in the property is safely installed and maintained
• Provide an energy performance certificate for the property
• Fit and regularly test carbon monoxide and smoke alarms in your rental property
• Follow fire safety regulations in a purpose-built block of flats or for houses and property adapted into flats.
Income on rental properties:
You must pay income tax on your rental properties, minus your day to day running costs, as well as Class 2 national insurance contributions if the work you do renting property counts as running a business.
For any further information about renting out property or becoming a landlord please do not hesitate to get in touch with our team at Hawes and Co or give us a call on 0208 946 100.