Personal tax - Property and rental income


We still love our bricks and mortar and property can be a tax-friendly investment - with the right documents


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Flow Chart
Flow chart - reclaiming additional stamp duty land tax If you own a residential property and purchase another, you must usually pay the stamp duty land tax (SDLT) additional charge (also called the higher rate or supplementary charge). If the new pro... Read more
UPDATED15 Dec 2020
Credits: 1
pdf
Flow Chart
Flow chart - claiming rent-a-room reliefRent-a-room relief is an automatic tax relief which applies to rent and related income received from letting all or part of your only or main home. The relief exempts income up to £7,500 per tax year. Naturall... Read more
UPDATED15 Dec 2020
Credits: 1
pdf
Flow Chart
Flow chart - taxation of income from jointly owned propertyWhere a jointly owned property is let, determining for tax purposes how much of the income, profits or losses each owner is responsible for is not always straightforward. It depends on the ty... Read more
UPDATED15 Dec 2020
Credits: 1
pdf
Flow Chart
Claiming the property allowanceThe property allowance is a fixed tax deduction which can be claimed against rents and other income derived from property in place of the actual costs incurred in generating the income. It means that individuals can rec... Read more
UPDATED15 Dec 2020
Credits: 1
doc
Letter
Election to opt out of rental cash basisSince 6 April 2017 rental property accounts must be prepared on the cash basis if the total of rents and other income you receive from your properties exceeds £150,000 in a tax year. In some circumstances it m... Read more
29 Aug 2019
Credits: 1
doc
Letter
Property rental business loss relief claimIndividuals, including members of business partnerships, can claim a deduction in the tax liability on general income where their property rental business has made a loss and all or part of that loss results ... Read more
11 Jun 2019
Credits: 1
doc
Letter
Election for rent-a-room relief not to apply Where you let part of your home, HMRC calculates the taxable income for a year by deducting a fixed sum from the rent etc. you receive. This deduction is called rent-a-room relief and is £7,500 (2017/18). ... Read more
19 Jan 2018
Credits: 1
doc
Letter
Election for a period of grace to apply to FHLsWhere you own a property which you let furnished as holiday accommodation it can qualify for preferential tax treatment where various conditions are met.When can you use the election?To count as an FLH t... Read more
16 Nov 2016
Credits: 1
doc
Letter
Election to average occupation of FHLsWhere you own a property which you let furnished as holiday accommodation it can qualify for preferential tax treatment if various conditions are met.When can you use the election?To count as a furnished holiday ... Read more
04 Nov 2016
Credits: 1
doc
Letter
Nominating a main residence election If you own two or more properties which you use as homes, say your main house and a holiday home, you can choose which qualifies as your main residence for capital gains tax private residence relief.More than oneT... Read more
24 Dec 2014