Personal Tax - Property Income

Liz Barraclough
Mind Map by Liz Barraclough, updated more than 1 year ago
Liz Barraclough
Created by Liz Barraclough almost 5 years ago
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Mind map to show content of syllabus of Personal Tax - property

Resource summary

Personal Tax - Property Income
1 Allowable Expenses - must be incurred 'wholly and exclusively' for the purposes of letting
1.1 Day to Day expenses
1.1.1 Repairs and Maintenance
1.1.2 Redecoration
1.1.3 Cleaning/gardening
1.1.4 Council Tax
1.1.5 Water Rates
1.1.6 Advertising
1.1.7 Insurance
1.2 'Getting the property ready to rent
1.2.1 Agent's commission
1.2.2 Interest on loan to acquire/improve property
1.2.3 Professional and legal fees
2 Income
2.1 from renting out land
2.2 from renting out unfurnished property
2.3 from renting out furnished property
2.3.1 Capital expenditure on furniture is disallowed
2.3.2 Wear and Tear Allowance allowed
2.3.2.1 10% of rent received (after deducting only rates [general and water] and council tax [where applicable] from the rent
2.3.2.2 Cannot be claimed for holiday lets
2.4 Use accruals basis
2.5 Determine assessable rent receivable
2.6 Less, allowable expenditure
2.7 Create a table for several properties
2.8 Rent a room relief
2.8.1 Lodgers
2.8.2 B&B
2.8.3 If gross income is more than £4,250 a year may be better to calculate profits in usual way
2.9 Holiday lets
2.9.1 have a different page on tax return
2.9.2 Rented out to tenants for less than 31 days
2.9.3 B&B
2.9.4 Caravans
2.9.5 Cottages
3 Disallowed expenditure
3.1 Capital expenditure
3.2 Private use of property by owner
4 Losses
4.1 Can be carried forward
4.2 Will always be nil can't use negative numbers
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