Rental property tax question

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We are about to rent out a house we own that has a mortgage on it. I want to make sure I keep money from the rent aside for the tax.
Can anyone give me a ballpark percentage that I should keep by please? I know it'll vary depending on all sorts but when I look it up it seems totally confusing.

Best case next to nothing, worst case if into loss of pensions annual allowance etc could be >70%.

It’s worth trying to work this one out properly rather than taking a guess, however a rough starting point will be a bit under your personal maximum tax rate.

You need a buy to let mortgage

Then take rent, less insurances, repairs, etc - you can't always claim mortgage interest

Then you will be taxed on the profit as income - the rate depends on your other income

If joint property, then you each need to prepare a tax return and declare 50% unless there is a separate agreement with HMRC

There is no ballpark % anyone can give you.

Rent, less allowable expenses x by your highest rate of tax (I.e, 20%, 40%, 45%).

HMRC do good manuals on what is an allowable expense. Your capital mortgage payment is not allowable. Mortgage interest you can deduct the LOWER of 20% of the interest of your rental profits or the total amount of taxable income.

If you own the property with a spouse you will need to declare the income 50/50 unless you legally change the percentage ownership and file a form 17 with HMRC.

There are lots of guides on the internet but if you are confused pay for advice.

*or your rental profits that should say, not of

It mostly depends on whether you are a basic or higher rate tax payer. So as a rough rule of thumb I’d keep back that percentage if you can afford to.

If you are then able to claim tax relief on your expenses (most likely on many of them, not necessarily on the mortgage) then you will be paying less tax than you’ve “kept back”

Thank you everyone. That's helpful