Your tax-year statement
What each line means, how to check it's complete, and what to send your accountant.
Open the right year
- Open Statements.
- Under Tax year, pick the year. A tax year runs from 6 April to 5 April, so the 2025/26 year is 6 April 2025 to 5 April 2026. Each payment counts in the year of its date.
- Under “Property”, keep All your properties for your tax return, or pick one property to look at it alone.
Past years stay, including properties you've sold since.
Reading it, line by line
The three figures at the top are the year in brief: Money in, Profit after every cost and the mortgage interest, and Cash left once mortgage capital and improvements are paid too. Below them, Your year in money builds up to those figures:
| Line | What it is |
|---|---|
| Money in | Rent and any other income, such as deposit money you kept for damage |
| Agent fees, Running costs, Repairs, Bank charges, Admin, Other | Your costs, grouped, with each category underneath. Only groups with something in them are shown. |
| Profit before mortgage interest | Money in less those costs |
| Mortgage interest and fees | Interest, arrangement and broker fees. Shown on its own because it's taxed differently (see below). |
| Profit | What the properties really made |
| Mortgage capital repaid, Improvements | Money that left your account but isn't a cost for income tax |
| Cash left | What you actually kept |
A Forecast column appears when the properties shown were added from a saved deal. It's what you expected when you analysed the deal, cut down to the part of the year you owned it. A big gap is worth a look: a long empty spell, a large repair, or a rent you set lower than planned.
Property by property appears when you have more than one, with each one's money in, costs, interest and profit. Click a name to see that property's statement.
For your tax return
This section gives the figures a tax return asks for. What you see depends on who owns the properties.
Owned by you
- Profit for tax, before mortgage interest: your rental profit for income tax. Mortgage interest isn't taken off it.
- Mortgage interest and fees: the figure for residential finance costs on your return.
- Tax credit for the interest: what the interest takes off your tax bill, at the rate in brackets. It's the rate times the lower of the interest and the profit. If your other income is low, HMRC can give less, and any unused interest carries over to next year. More in Section 24: how mortgage interest is taxed.
Owned by your company
Profit for corporation tax is after mortgage interest, because a company takes interest off like any other cost. Your accountant puts it into the company's accounts.
Some of each
If you own some properties yourself and some through a company, each gets its own figures. Costs not tied to one property are shown on their own, for your accountant to place.
Where each category goes on the return
If you fill in the UK property pages yourself, this is the HMRC heading for each category. Add up the categories under each heading from your statement or the Payments sheet.
| HMRC heading | Our categories |
|---|---|
| Rents and other income from property | Rent received, Other income |
| Legal, management and other professional fees | Letting agent and management fees, Property inspection charges, Accountant fees, Legal and professional fees |
| Rent, rates, insurance, ground rents etc. | Service charge, Ground rent, Council tax, Insurance, Gas and electric bills |
| Costs of services provided, including wages | Repair and boiler cover |
| Other allowable property expenses | Safety certificates, Bank charges, Travel, Office costs (IT, stationery), Other costs |
| Property repairs and maintenance | Repairs and maintenance |
| Replacement of domestic items relief | Replacing furniture and appliances |
| Residential property finance costs | Mortgage interest and fees |
| Not on the return | Mortgage capital repaid, Improvements (adding value) |
Check it's complete
The statement only knows what you've recorded. Before you rely on it, run down this list for the year:
- Twelve months of rent for every month a property was let. The overview warns you under “Needs a look” when a property has had no rent for a while.
- The full rent, not the rent after fees, with the agent's fees as costs. See Lines that need care.
- Mortgage interest only, not whole repayments. Check it against your lender's statement.
- The yearly costs that are easy to forget: landlord insurance, service charge and ground rent, gas safety and other certificates, your accountant, bank charges, and travel to the property.
- Nothing personal got in from a bank upload.
- Joint properties are recorded in full, with your share set. See Owning a property with someone else.
Not sure if a cost counts? Allowable expenses for landlords goes through them.
Send it to your accountant
Pick the year and All your properties, then:
- Download PDF: the statement as you see it, to read or attach to an email.
- Download Excel: the one most accountants want. It has the year (Your year), each property (By property, when you have more than one), the tax figures (For your tax return), and every payment with its date, property and category (Payments).
- Print: a clean paper copy, without the menus and buttons.
With it, tell them about anything the statement doesn't cover: a property you sold in the year (capital gains tax is worked out separately, and has to be reported within 60 days of completion), a remortgage or extra borrowing, any change in who owns what, and receipts for improvements.
The statement helps you or your accountant fill in a tax return. It isn't a tax return itself, and it doesn't send anything to HMRC. If you're in Making Tax Digital, your updates go through software that works with it; your statement is a good way to check them.