As a private landlord in the United Kingdom you are required by law to inform the inland revenue of any rental income this is usually done via a self-assessment.

From the total rent received in a tax year you can normally deduct, for tax purposes, the following:

Our fees
Fair wear and tear & repair costs
10% of rent for depreciation, if furnished or part furnished
Interest paid to the Building Society or Mortgage Company (you cannot generally deduct the full mortgage payment)
Insurance premiums
You then pay tax on the remainder of the rent.

Please bear in mind that we are not accountants and have no qualification to provide this advice. Should you require further tax advice please contact a qualified accountant.