Property Income
Under £1,000
If you earn income from property or land up to £1,000 per annum, you can claim a tax-free allowance of up to £1,000 against your property income receipts. This also includes foreign property income. You do not need to declare this income to HMRC or file a self-assessment. However, there may be situations where this is beneficial. Make sure you keep a record of your income and expenses.
Joint property owners can each claim the £1,000 allowance.
You cannot claim if:
- You have made a loss
- Your expenses are more than £1,000
- If you have already claimed for expenses
- If you are not a sole trader
- It cannot be against income from the Rent a Room Scheme
Earnings over £1,000
If you earn over £1,000 from land or property income, you can claim the allowance but you must tell HMRC. If your earnings are over £2,500 per annum, you will need to submit a Self-Assessment.
If you need further information or support with submitting a tax return, please get in touch with us.
