As a landlord, you'll have to declare your income and costs - whether you make a profit or not - and keep all records, invoices, receipts and statements for up to six years.
Request and complete the Land & Property Supplementary pages for your tax return and the easy to follow notes from HMRC
You'll find that the taxman is actually quite generous in allowing you to offset a large number of running costs including the interest payments on your mortgage and the arrangement fee on the mortgage too.
Where you make a loss on your buy-to-let property, you can carry forward and set it off against rental profits in future tax years (but you cannot set it off against other income).
If you aren't resident in the UK and use a letting agent for management you can get an exemption from HMRC so that the rent can be paid over to you gross.
When you come to sell, there are a number of reliefs that are available that reduce the amount of tax you may have to pay on any capital gain you've made on the property, including Letting Relief and your Capital Gains Tax Allowance.
This can be a bit more complex so if you need to know more, you are advised to contact the Inland Revenue.
Here, all landlords have to be registered in a scheme, there is currently no tenancy deposit scheme and more shared privately rented properties have to have an HMO license.
Visit www.betterrentingscotland.com to find out more.