Tag: Property Income

HMRC

Managing a Rental Business from Home

Where the expenses are wholly and necessarily incurred, a deduction can simply be claimed for the actual expenses. In reality, this will take some working out as household bills will not be split between personal and business expenses.

Property Partnerships
HMRC

Property Partnerships | Property Tax Planning

Property Partnerships business is treated as a separate business from any other rental business carried on by the partner. Thus, if a person owns property in their sole name and is also a partner in a partnership which lets out property, the partnership rental income is not taken into account in computing the profits of the individual’s rental business – it is dealt with separately.

Rental Deposits
HMRC

Rental Deposits | Landlord Tax

The retained deposit is reflected as rental income of the property rental business for the period in which decision to retain the deposit is taken, rather than for the period in which the deposit was initially collected from the tenant.

HMRC

Accounting and Tax Planning for Landlords

Your properties can be taxed collectively in one year, so if you’ve suffered losses on one or more properties those losses can be set against profits made from other properties bringing yet another reduction.