Landlord

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A property owner who rents/leases their property to another party in exchange for rent payments. They are expected to provide maintenance/repairs of the property, tenant is responsible for general upkeep of the property.
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Responsibilities:

• Gas safety: gas equipment must be installed and maintained by a Gas Safe engineer, and annual gas safety checks must be done on all appliances.
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• Electrical safety: ensuring all electric systems are safe for usage.
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• Fire safety: smoke alarm on each floor must be installed as well as a carbon monoxide alarm. There must also be designated escape routes and all furnishings must be fire safe.
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• Energy efficiency: an EPC must be obtained and all rental properties must achieve a minimum EPC of E.
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• Right to Rent: Right to Rent checks must be done during a tenancy agreement, copies of immigration and passport documents must also be held ensuring that tenants have the right to live in the UK.
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Landlords are usually responsible for paying stamp duty when buying the house, capital gains tax when selling and potentially inheritance tax if you inherit the property. Landlords also pay tax on net rental income = total income - allowable expenses. Allowable expenses:

• Professional Fees
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• Mortgage and Property Loan Interest
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• Ground Rent
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• Utility bills: energy/water
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• Council tax
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• Property maintenance and repairs
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• Landlord Insurance
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You’re also expected to pay Class 2 national insurance on rental income if (a) HMRC decide you have a property business (b) profits exceed £6,725. The taxes and national insurance are paid by filing a self assessment tax return.

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