rental property

What income tax allowances are you entitled to when you rent out residential property?

If you receive rental income from residential property you are required to pay income tax on the profit you make.

Your profit is added to your other income to determine how much income tax you pay.

In order to arrive at your taxable profit, you are allowed to deduct qualifying revenue expenses (day-to-day running costs) and tax allowances. Recent change in one […]