Documents related to 'Property allowance election to disapply relief'
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Election for rent-a-room relief alternative basis If income from property does not qualify for rent-a-room relief only because it exceeds the maximum amount permitted, an election can be made to deduct the maximum amount from the income instead of th... Read more
06 Mar 2018
Election to opt out of rental cash basisFor tax purposes accounts for income derived from property must be prepared on the cash basis unless the total income you receive from property exceeds £150,000 in a tax year. However, it can be advantageous n... Read more
29 Aug 2019
Election for rent-a-room relief not to apply Where you let part of your home or all of it if you are temporarily absent and do not have a new home, you are entitled to rent-a-room relief. The relief is given automatically if your total income from th... Read more
19 Jan 2018
Property allowance claim for partial reliefThe property allowance is a fixed tax deduction for individuals that is given against income derived from land and buildings (property). It applies automatically if the qualifying income received in a t... Read more
16 Nov 2022
Election to average occupation of FHLsIf you let a property as furnished holiday accommodation it qualifies for preferential tax treatment if various conditions are met. One condition requires that the property is let for a minimum number of days eac... Read more
04 Nov 2016
Property rental business loss relief claimIndividuals, including members of business partnerships, can claim a deduction in the tax liability on general income where their property rental business has made a loss and all or part of that loss results ... Read more
11 Jun 2019
Herd basis electionIf you keep animals for production purposes, you might be able to take advantage of the "herd basis" to simplify calculating your taxable profits.ProductionFarm animals are treated as trading stock. For tax and accounting purposes th... Read more
01 Dec 2017
Election for a period of grace to apply to FHLsWhere you own a property which you let furnished as holiday accommodation it can qualify for preferential tax treatment where various conditions are met.When can you use the election?To count as an FLH t... Read more
16 Nov 2016
