What Does it Mean to be a Landlord?
Being a landlord comes with a range of responsibilities:
- Tenant management – finding tenants, handling queries, responding to complaints, and ensuring rent is paid on time.
- Repairs – from a leaking tap to a faulty boiler, maintenance is essential.
- Compliance – legislation affecting landlords is complex and evolving, including the new Renters’ Rights Act.
Your daily duties may vary depending on whether you manage the property yourself or use a letting agent. Agents handle tenant management and repairs but typically take up to 20% of rental income.
Legal Requirements for Landlords
- Tenancy agreements – essential for tenancies of three years or more, but advisable for all.
- Deposit protection – tenant deposits must be placed in a Government-approved scheme within 30 days.
- Certifications – ensure gas, electrical, fire safety, and energy efficiency standards are met. Provide tenants with gas safety records and EPC certificates, maintain working smoke alarms, and follow all fire safety regulations.
- HMO licences – may be required depending on property type and location.
- Renters’ Rights Act – from 1st May 2026, non-fault evictions are banned, and the Housing Health and Safety Rating System (HHRS) will be strengthened.
Financial and Tax Planning
Mortgage interest tax relief is now capped at a 20% tax credit, so consider this when calculating profitability. Making Tax Digital (MTD) for landlords with income over £50,000 starts 6th April 2026, and income tax rates for property income will rise by 2% from April 2027.
Plan for insurance costs including landlords’ buildings insurance, liability insurance, loss of rent insurance, and contents insurance for furnished lets. Research local rental yields to set realistic rent expectations.
Finding Tenants
If you manage tenancies yourself, consider:
- Advertising your property
- Conducting interviews, referencing, and credit checks
- Deciding whether to let furnished
New Renters’ Rights Act rules from 1st May 2026 mean you cannot discriminate against tenants with children, tenants on benefits, or pets without reason.
How TaxStack Can Help
TaxStack has extensive experience supporting landlords with all aspects of accounts, tax, and compliance. Contact us today for a free, no-obligation consultation to discuss your needs and receive a fixed-fee quote.
Phone: 0800 0523 555
Or use our online form to get in touch