By law, you have to register a tenant's deposit with one of three state-backed protection schemes within 30 days of receiving it or face heavy fines. As part of our letting and management service, Swift submits all deposits to the Tenancy Deposit Scheme. We also serve tenants with all the legally required paperwork to tell them that this has been done.

At the end of the tenancy, owner and tenant must agree any deductions promptly; the balance must reach the tenant within 10 days after reaching agreement. Any amount in dispute stays in protection until you agree. Swift also handles any negotiations on deductions and releases owed funds to the relevant parties before the deadline.

An inventory is a full written report including photos detailing the condition of a property and its contents — down to the last teaspoon. Created at the start of your first tenancy, it is a one-off that is re-used and updated for all future tenancies. It's industry best practice to have one in place and essential when it comes to negotiating any deposit deductions at the tenancy's end. At Swift we use a specialist firm, registered with the Association of Professional Inventory Providers, to guarantee an independent, impartial service. Arranging an inventory is part of our full package. Because this service is provided by a third party, we ask you to cover their cost (from £100 for a two-bedroom, one-bathroom furnished flat).

Done correctly, the check-in leaves no doubt that your tenants agreed with what your inventory stated when they moved in — crucial for any disputes over deposit deductions once the tenancy ends.

To guarantee an impartial service, an independent specialist — registered with the Association of Professional Inventory Providers — walks your tenants through the inventory and asks them to sign a check-in report there and then. Your report lists keys handed over, opening meter readings and the property's condition and cleanliness on the day.

Swift arranges the check-in as part of our full service. As it is done by a third party, and pricing varies according to property size, we ask you to cover their cost (from £80 for a two-bedroom, one-bathroom furnished flat).

When your tenants leave, the check-out inspection and report compares the property to your check-in inventory so you can make fair deposit deductions.

To ensure impartiality, an independent specialist — registered with the Association of Professional Inventory Providers — does this inspection and advises on possible deductions. Without that impartiality, it is very difficult to prove grounds for deductions in the event of any dispute, which must be arbitrated by the deposit protection service.

Swift arranges the check-out as part of our full service. Because it is done by a third party, we ask you to cover their cost. Pricing varies in line with the size of the property, from £80 for a two-bedroom, one-bathroom furnished flat.

When you start letting out a property, you must register for self-assessment tax with HMRC and file a return every year. As part of this return, you must fill out the property pages. By law, you must pay income tax on your rental income minus allowable expenses and reliefs. You can, for example, claim relief on your mortgage interest payments. If you live abroad for six months or more while renting out a UK home, you must still pay income tax to HMRC. The best way to do this is to apply to HMRC to pay tax through self-assessment as a “non-resident landlord”. For £50, Swift will give you an annual report of all your rental income and expenses so you can easily complete your self-assessment tax return. Should you sell, you will likely need to pay capital gains tax. If you used to live in your rental property, tax is due on most of gains made after you moved out. If you live abroad, you must pay tax on any gains after April 2015. You must tell HMRC of the sale within 30 days of its completion, even if you made a loss.