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Tax
Property Income
| Question | Answer |
|---|---|
| what does BRTD stand for and which source of income does it relate to | basic rate tax deduction property income |
| what has the BRTD been since 2020 | 100% at basic rate - so you take 20% off 100% of the non allowable costs - most notably mortgage interest |
| allowable expenses for property income | general maintenance, water rates, landlord insurance, cost of services (cleaners), letting agent fees, legal fees, accounting fees, ground rent, general admin |
| main non allowable expenses for property income | mortgage interest, |
| if a landlord has more than 1 property... | all costs are joined |
| what source of relief is not available for landlords | annual investment allowance |
| conditions to satisfy to qualify as a furnished holiday let | accommodation available to let for 210 days in tax year and actually let out for 105 days in the tax year |
| what is rent a room relief | relief available when letting a room out of main residence |
| rent a room relief options for landlord when gross rent > 7,500 | 1. rent, less expenses = property income 2. rent, less rent a room relief = property income |
| when does it make sense to use rent a room relief | when expenses < 7,500 |
Created by:
amyperston
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