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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5147
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

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I inherited one bedroom flat last year, which I am now renting out. not sure how to deal with declering my property income.
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.

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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