In more detail
- It’s income before expenses, not profit. £32,000 rent with £20,000 of costs still counts as £32,000.
- What you’ll do: keep digital records and send HMRC a short update every 3 months, due 7 August, 7 November, 7 February and 7 May.
- Wages from a job, pensions and dividends don’t count towards the limit.
Related questions
- Will my pension be taxed when I die?
- How much can I put in a cash ISA?
- How much tax do I pay on savings interest?
- Is there VAT on solar panels?
See everything that’s changing in April 2027.
Sources
Last checked against GOV.UK: 9 October 2026