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Post Info TOPIC: Property Income Allowance
blueeyes


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Property Income Allowance
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Hi all,

If a rental property income is £3k (£6k shared between husband and wife) and expenses are £515 (Again this been 50% of the £1030) can the property income allowance of £1000 be used instead of the £515 expenses?

TIA



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Leger


Master Book-keeper

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Hi Toni

You'll be pleased to know that both husband and wife can claim the allowance.



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
blueeyes


Veteran Member

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Posts: 72
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Thanks John.
Just to confirm that i put the £3k in the income box as norm and then the full £1000 in the property income allowance box which then adjusts the taxable frofit to £2k?
That simple?

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Leger


Master Book-keeper

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Posts: 3904
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Hi Toni, yes, that's all you need to do.



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
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