The £1,000 property allowance was introduced from 6th April 2017 and may apply if your annual gross rental income is more than £1,000 as you may be able to deduct the allowance rather than actual expenses.
Unfortunately, the allowance is not available in the following situations:
- If the property income is from a company you or someone connected to you owns or controls
- If the property income is from a partnership where you or someone connected to you are partners
- If the property income is from your employer or the employer of your spouse of civil partner.
You will, therefore, not be able to claim the allowance in your situation as the company is owned/controlled by you.
Contact us today to find out what other options you may have available to you. Please call us on 0800 0523 555 or use our simple online contact form to arrange a free initial consultation.
By Samantha Skyring FCCA
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.