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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4995
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I inherited one bedroom flat last year, which I am now renting

Resolved Question:

I inherited one bedroom flat last year, which I am now renting out. not sure how to deal with declering my property income.
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

You should declare rental income on supplementary for SA105 - UK property.

If you are renting the flat and the rental income is more than £4,250 then you should complete boxes 20 to 43 as applicable.

For my clients, I use boxes 20,
29 (as rental income is likely to be below £79,000),
36 to cover 10% were and tear allowance (if furnished letting)
40 - taxable profit

You may wish to download the notes that accompany SA105 here

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/354379/sa105-notes.pdf



I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Expert:  taxadvisor.uk replied 2 years ago.
You can group all allowable costs under one heading and that is box 29 - other allowable property expenses.

I hope this is helpful.
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