Good news for tenants RENTS FALLING

buglawton

Looks like that while removing the 10% standard allowance for furnished rentals, the Chancellor added a new £1000 allowance for all BTLs furnished or not, so long as no other expenses are claimed for the same tax year.

So... do all your repairs & upgrades in one tax year, spend nothing the next and claim your £1000 non-taxed allowance, alternate every year, rinse & repeat!

Complicated but fun for the crafty tax-reducing landlord.

When will the taxmen of the world learn that simple=good and probably raises more tax revenue in the end.

GreatApe

buglawton wrote: »

Looks like that while removing the 10% standard allowance for furnished rentals, the Chancellor added a new £1000 allowance for all BTLs furnished or not, so long as no other expenses are claimed for the same tax year.

So... do all your repairs & upgrades in one tax year, spend nothing the next and claim your £1000 non-taxed allowance, alternate every year, rinse & repeat!

Complicated but fun for the crafty tax-reducing landlord.

When will the taxmen of the world learn that simple=good and probably raises more tax revenue in the end.

which allowance is this?

buglawton

https://www.gov.uk/government/publications/income-tax-new-tax-allowance-for-property-and-trading-income/income-tax-new-tax-allowance-for-property-and-trading-income