rent

This tag is associated with 3 posts

Letting Surplus Business Premises

Rent received from letting surplus business accommodation is strictly assessable as property income. However, in some cases, rents from surplus business accommodation may be included in the calculation of the trading profits if certain conditions are met. These conditions are: the accommodation must be temporarily surplus to current business requirements. S21 of Income Tax (Trading … Continue reading

In case you didn’t know…

If you rent any part of your main home out for residential purposes, there’s a tax free threshold of £7500 per year, effective from the 2016/2017 tax year. This means the first £7500 of the gross rent is tax free. Note that you cannot deduct expenses if you are taking advantage of this tax free … Continue reading

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