If you let out residential property you will have to keep records of rent received and your expenses to work out your tax liability.
Whatever type of property letting business you have - residential or holiday letting, in the UK or overseas, the same records need to be kept.
You can reduce your tax liability by claiming different types of allowances for the cost of furniture and equipment you provide with the property and you may also be able to deduct certain 'capital' allowances for the cost of equipment relating to your lettings business.
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