Rent-a-room relief aims to encourage those with spare rooms in their homes to let them out to increase the supply of furnished rental accommodation. Under the scheme, a person can earn up to £7,500 each tax year tax-free from letting out furnished accommodation in their own home. The limit is…
Continue ReadingTag: property tax uk
Obtain relief for pre-letting expenses
When starting a new property rental period there will usually be a preparatory phase during which expenses will be incurred. To what extent is relief available for expenses incurred before the property is let? Start of the property rental business A property rental business usually starts when the letting first…
Continue Reading