New Landlord: How to Maximise Returns? Taxes?

macman

Jumblebumble said:

macman said:

So you have agreed to rent a property and found an agent and  tenant, but without doing any research as to how the income will be taxed, what allowances are available, or what your legal and statutory responsibilities are as a landlord? You can't delegate these to an agent: it is the landlord who is legally liable if the tenancy is not regularised.
Nor presumably do you have any idea of what the yield will actually be vs your mortgage payments? Do you already have a BTL mortgage, or permission to let from the mortgage provider?

The OP is doing their research by asking on here !
The tax payable will probably not be relevant for a very long time
Anyone with an elementary grasp of mathematics can calculate yield or can ask the agent 
Are you telling us that a landlord should not believe that  their agent is advising correctly about their responsibilities ?

I do agree that the OP should address the mortgage permission to rent issue although in the real world if no one tells the mortgage company I don't see that they will  know  and therefore there will be no issue

But all after the event. They already have a tenant, agent, agreed rent. 
Why won't the tax payable be resulting from their next return (22/23). Which will be due by the end of '23.
So you are suggesting that the OP should commit mortgage fraud? And maybe not inform their buildings insurer either? Which would render any claim for damage being rejected out of hand. Really great advice.