📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Property income allowance

Hello can some please explain the property income allowance. I have read all the help guides and whilst I understand if your income is less than £1000 you don't have to declare it, I am confused as to what amount I put in the box.
Own one property which is let out. I receive rent from the tenant and ground rent from someone who owns another flat in the building, I am freeholder. My only expenses are insurance for the building.
Now is say you can claim up to £1000 tax relief but not if you expenses are more than the figure. So what do you put in the box?

Comments

  • Pennywise
    Pennywise Posts: 13,468 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Thecrazy1 wrote: »
    Now is say you can claim up to £1000 tax relief but not if you expenses are more than the figure. So what do you put in the box?

    One or the other = either £1000 OR your actual allowable expenses.
  • Annual rental is £8000 ground rent £100 and insurance £300
  • polymaff
    polymaff Posts: 3,954 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 20 January 2019 at 1:23PM
    Providing neither of the payees are connected to you (spouse, civil partner, employer of either, company which either controls), £1,000 and leave the following expenses boxes blank.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.7K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.6K Work, Benefits & Business
  • 600K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.