2256690
Description
Mind Map by Liz Barraclough, updated more than 1 year ago
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Created by Liz Barraclough
over 9 years ago
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Personal Tax - Property Income
- Allowable Expenses - must be incurred
'wholly and exclusively' for the purposes of
letting
- Day to Day expenses
- Repairs and
Maintenance
- Redecoration
- Cleaning/gardening
- Council Tax
- Water Rates
- Advertising
- Insurance
- Repairs and
Maintenance
- 'Getting the property ready to rent
- Agent's commission
- Interest on loan to
acquire/improve
property
- Professional
and legal fees
- Agent's commission
- Day to Day expenses
- Income
- from renting out land
- from renting out unfurnished property
- from renting out furnished property
- Capital expenditure on furniture is disallowed
- Wear and Tear Allowance allowed
- 10% of rent received (after deducting only rates [general
and water] and council tax [where applicable] from the
rent
- Cannot be claimed for holiday lets
- 10% of rent received (after deducting only rates [general
and water] and council tax [where applicable] from the
rent
- Capital expenditure on furniture is disallowed
- Use accruals basis
- Determine
assessable rent
receivable
- Less,
allowable
expenditure
- Create a table for several properties
- Rent a room relief
- Lodgers
- B&B
- If gross income is more
than £4,250 a year may
be better to calculate
profits in usual way
- Lodgers
- Holiday lets
- have a
different
page on
tax
return
- Rented
out to
tenants
for less
than 31
days
- B&B
- Caravans
- Cottages
- have a
different
page on
tax
return
- from renting out land
- Disallowed expenditure
- Capital expenditure
- Private use of property by
owner
- Capital expenditure
- Losses
- Can be carried forward
- Will always be nil can't use negative numbers
- Can be carried forward
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