The Property Income Allowance Explained

£1,000 property income allowance explained

Wondering if you should claim the £1,000 property income allowance? In this guide, you’ll find out how the property income allowance works, how to claim it and work out whether it’s right for you. 1. What is the Property Income Allowance? The Property Income Allowance entitles individuals in the UK to earn £1,000 in rental …

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Landlord Tax Reduction

Landlord tax reduction

Landlord Mortgage Interest Relief is phasing out from 6 April 2017 to be replaced by a new tax relief called the Landlord Tax Reduction. The phasing in and out of the two reliefs will take place from 6 April 2017 to 6 April 2020. Landlord Mortgage Interest Relief Until 6 April 2017 Landlords were allowed …

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Rent a Room Scheme Explained

rent a room scheme explained

I’ve updated this post on 18 August 2020 for changes in the latest legislation The rent a room scheme is a great way to earn some extra cash it is tax-free up to £7,500. In this guide, I’ll show you how to claim the rent a room allowance tax-free, what counts as rent and what …

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Can I Claim Tax Relief on Mortgage Interest

Can I Claim Tax Relief on Mortgage Interest

Yes you can currently claim tax relief on mortgage interest.  However as a landlord you should be aware of the changes that are taking place from 6 April 2017 meaning that by 2020 you will not be able to claim tax relief on the mortgage interest you pay but instead will have your tax relief …

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Landlord Travel Expenses: Mileage Claims

Landlord Mileage Claim

A Landlord mileage claim is a flat rate amount that an individuals can claim for travel to/from their rental property. Landlord Mileage Claim Rates The landlord mileage claim rules were bought in from 6 April 2017.  A landlord is entitled to claim a flat rate for each mile travelled in their personal vehicle. Here are …

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Buy to Let Allowable Expenses

Buy to Let Allowable Expenses

Reduce your tax bill by making sure you claim for all allowable expenses on your tax return for your Buy to Let property. Here are some of the typical allowable expenses which many Buy to Let Landlords incur: Maintenance and Repairs You should be able to deduct most of the money you spend keeping your …

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What Happens If Your Rental Property Makes a Loss?

Rental Property Makes a Loss

It is entirely possible that you can make a loss on a rental property, for example if you had a lot of problems with the property or you offered a rent free period. The tax man does have a heart.  If you own a rental property that made a loss you will not pay tax …

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