Goodier Smith and Watts

Devonshire House
Manor Way, Borehamwood
Hertfordshire, WD6 1QQ

Search News


Income excluded from property business

Source: HM Revenue & Customs | | 03/12/2019

HMRC publishes a list of income streams that are excluded from a UK property businesses' taxable income. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in your own home, extra services to tenants and letting surplus trade accommodation. In most cases the income from these activities will be taxed as income of a trade and not as property income.

There are also certain receipts which can arise out of the use of land and which are specifically excluded by statute from a rental business. These include yearly interest, income from the occupation of woodlands managed on a commercial basis, income from mines and quarries and income from farming and market gardening.

There is also a £1,000 property income allowance that applies to income from property (including foreign property). If a taxpayer’s annual gross property income is £1,000 or less then the amount is exempt from tax and does not need to be reported on their tax return.



 

Latest News

New guidance on sexual harassment and harassment at work
22/01/2020 - More...
The Equality and Human Rights Commission (EHRC) has published new technical guidance on sexual harassment and harassment

Don’t be taken in by this scam
21/01/2020 - More...
The Insolvency Service has warned that fraudsters have been contacting investors in insolvent schemes claiming to be

Disclosing VAT errors
21/01/2020 - More...
Where an error on a past VAT return is uncovered, you have a duty to correct the error as soon as possible. As a general

Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the Newsletter
» Login

 

 

ICAEW-BLK RGB  

 

Save

Save

Copyright © 2020 - Goodier, Smith and Watts

Cookie Policy | Website Privacy Policy                                                                                                                                                                                                                                                         

Registered in England under the number 3724657