Income From Property

Question 1

What are the incomes liable

Answer 1

Rents under any lease or tenancy agreement

Premiums received on grants of short leases (under 50 years)

Question 2

Basis assessment

Answer 2

It is computed as if the letting of the property was a business, if the landlord owns more than one property then the profits and losses are all aggregated (added together)

Accounts are on accruals basis. The assessable income for 2023/24 is the rent due for the period April 6th 2024- April 5th 2024

Question 3

Allowable deductions

Answer 3

Insurance
Agents fees
Other management expenses
Repairs (excluding improvements)
Interest on loan to acquire property
Advertising
Unrecoverable rent

Question 4

Interest ?

Answer 4

2019/20 = 25% interest expense deductible

202/21 onwards = 0%

Question 5

Furnished holiday letting

Answer 5

Must be available for 210 days in the tax year and must be let for atleast 105

No longer term occupation (31 days by the same person for more than 155 days in the tax year)