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section i want to discuss about taxes and how to calculate them we do have a calculator online that can help you estimate how much you have to pay in tax that is one way of figuring out and then you can do your own filing and the second way would be to have an accountant who can do all the calculations for you so lets go over a few things you need to take into consideration and be aware of when calculating your taxes as you can see here theres the monthly rental income monthly allowable expenses than the annual income from your job and im going to explain to you how that matters your monthly allowable expenses i have a list here of the things that are allowable so basically theyre tax deductible from your rent and these can be the water rates council rates the gas electricity lettings agents fees accountant fees ground rent stationery and advertising for tenants the list is a bit longer its more detailed if you want to read more about this allowable expenses you can go to which do