Property income allowance
Thecrazy1
Posts: 62 Forumite
in Cutting tax
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?
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?
0
Comments
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Annual rental is £8000 ground rent £100 and insurance £3000
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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.0
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