Property allowance

Twoplus

Hi I would be greatful if you kind people could check my understanding.
I am filling in my short tax return and have noticed the addition of a £1000 property allowance.
I have a small rental property with no mortgage, giving me a gross rental income of £6,000. My expenses were about £800 for the last tax year.
Am I correct in thinking it is best to claim the £1000 property allowance and that in doing so I can not claim my expenses.
Thanks for your help.

xylophone

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

Does the above assist?

uknick

It is one or the other. In your case, based on what you've said, claiming the allowance would seem to make more sense.

Have a look at this article for some more of the rules relating to the allowance.

https://www.accountancyage.com/2017/12/19/new-property-allowance-useful-not-simple/

Twoplus

Thank you both, the link uknick has given is easy to understand.