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If you are in receipt of property income, this is taxable and you need to register for self assessment and file a tax return.
More information in who must send a tax return is covered here- see point two (if you have £2,500 or more in untaxed income).
Tax implications are -
This income (income less expenses) would be reported on supplementary pages SA105 - UK property and form part of your total income from all sources during the tax year.
You are allowed personal allowance against total income (current tax year the allowance is £11,000) and the balance is taxed at your marginal rate of tax. Provided your total taxable income is below £32,000 then your income will be taxed at basic rate of 20%.
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