If managing the property yourself, collect rent, take care of repairs, stay on high of recent regulations and manage tenant issues. At the date of this writing, all CGT are due by 31 January the year after the property sale occurred. Depending on the date of the sale, you could have between 9 and 18 months to pay. As of April 2020, all CGT on properties have to be paid inside 30 days of the sale. Certain guidelines apply if the rental property also doubles as your main dwelling residence. For instance, if your rental earnings for the yr totaled £7,500 but you had claimable bills that totaled £10,000, you would declare a loss of £2,500. If you run a hotel, guesthouse, or B&B, all your income is considered buying and selling earnings.

If your tenants are injured on your property, they can go after you for their medical payments …