Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Mon, 23 Sep 2024 12:08:09 GMT by zontes
I receive rental income from a property which I calculate using the " £1000 year expense allowance" scheme rather than declaring individual spending... works fine, but I intend selling the property half way through the financial year, rental income will of course be only half. Can I still claim the £1000 or do I have to apportion it? Most overheads and annual costs fall early in the year and will not be halved.
Posted Mon, 30 Sep 2024 07:41:26 GMT by HMRC Admin 19 Response
Hi,
This £1000 allowance is an annual allowance, it does not matter how long you trade for within the tax year. So the full £1000 allowance is available for you to use. You can see guidance here:
Tax-free allowances on property and trading income
Thank you.
 

You must be signed in to post in this forum.