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


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 10% of rent received (after deducting only rates [general and water] and council tax [where applicable] from the rent 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
Show full summary Hide full summary


Stament of Comprehensive Income
Mark Platt
To Kill A Mockingbird Complete Notes
AS Pure Core 1 Maths (AQA)
Present Simple vs. Present Continuous
Marek Mazur
Using GoConqr to learn German
Sarah Egan
Using GoConqr to study science
Sarah Egan
Les Aliments
dAnn dAnn
Macbeth Quotes/Themes
Michael LEwis
Salesforce Admin 201 Exam Chunk 1 (1-30)
Brianne Wright