I would like to ask about declaring tax from second property rental income. I have a full-time job earning over £25,000 and have been paying PAYE, but I have bought a buy-to-let property and rented it out. I am just wondering whether I have to inform HMRC about my rental income or not. That has been let out through an estate agent. Most of the rental money goes towards the mortgage. I have spent a lot on refurbishing as well.

Yes, you must certainly declare your rental income. However, the fees paid to the estate agent for managing the property, and the interest paid to the mortgage lender are allowable and so can be offset against the gross rental income, so that you only pay tax on the net figure. Look at www.gov.uk/hmrc-internal-manuals/property-income-manual/pim2020 where you can see the circumstances when you can offset refurbishment costs against rental income. From April 2017, the rules for offsetting interest paid to a mortgage lender against rental income are changing.