As the financial year winds down, now’s the perfect time to check in on your buy-to-let finances. Whether you own one rental home or a growing portfolio, understanding your tax responsibilities is key to staying compliant and saving money.
This guide offers landlord tax advice – Wales property owners can rely on, with practical tips, reminders, and a few ideas that could help you reduce your tax bill before 6 April.
Know your tax obligations as a landlord in Wales
If you earn rental income from a property in Wales, HMRC sees you as a business owner which means you’ll need to declare that income through self assessment.
You must complete a tax return if you earn more than £1,000 a year in rental profits (after expenses). This includes income from:
- Residential lets
- Holiday homes
- Student accommodation
- Houses in multiple occupation (HMOs)
Record everything even the small stuff
One of the most important landlord self assessment tips is to stay organised all year round.
Keep accurate records of:
- Rental income
- Mortgage interest
- Repairs and maintenance
- Letting agent fees
- Utility bills (if you pay them)
- Service charges or ground rent
- Insurance premiums
You can use accounting software, a spreadsheet, or even a simple logbook — just make sure it’s easy to update and you don’t leave it all until the last minute.
Pro tip: keep digital copies of receipts and invoices in case HMRC requests evidence.
Don’t forget the Rent Smart Wales fee
If you’re letting or managing a rental in Wales, you must register with Rent Smart Wales. This is a legal requirement under the Housing (Wales) Act 2014.
Landlords who manage their own properties must also apply for a licence and complete landlord training.
Review your property finances before the tax year ends
As we approach the end of the tax year, take a few hours to review your income, expenses and long-term plans. Ask yourself:
- Are you claiming all allowable expenses?
- Can you bring forward any repairs before the 5 April deadline?
- Is it time to speak to an accountant?
- Do you need to register for self assessment or update any details with HMRC?
A little planning now can help you avoid surprises, reduce your tax bill and keep your buy-to-let business on track.
Let Hunters Bridgend support your landlord journey
From managing tenants to keeping properties in top condition, being a landlord is a busy job and tax is just one piece of the puzzle. But you don’t have to go it alone.
At Hunters Bridgend, we work with landlords across South Wales to simplify property management and reduce stress. Whether you need help finding tenants, maintaining compliance, or reviewing your investment goals, our local experts are here to help.
Start your new tax year with confidence by booking a free rental valuation or speaking to our friendly team today.
