In partnership with
First time landlords are bound to make mistakes, and before they know it, the mistakes could grow into a larger problem. In the list below, we've compiled 10 common mistakes made by first time landlords.
- Not declaring their rental income to HMRC
- Family members who pay tax at a lower rate declaring the rental income when they are not a legal owner of the property
- Claiming tax relief on expenses that are not allowable
- Failing to meet tax reporting deadlines
- Not reporting a sale of a property to HMRC
- Not seeking consent to let from mortgage companies
- Properties not meeting legal requirements such as EPC certificates
- Not having tenancy agreements in place
- Living in a buy to let property which is often expressly forbidden by the mortgage lender
- Allowing family members to live in a buy to let property which again is often expressly forbidden by the mortgage lender
