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Property Rental Toolkit
2019-20 Self Assessment Tax Returns
Published April 2020
Effective from 6 April 2020
2
Index
Introduction .................................................................................................................................. 3
Areas of risk within property rental ............................................................................................... 3
Using links within this document .................................................................................................. 5
Checklist for property rental income ............................................................................................. 7
Explanation and mitigation of risks ............................................................................................. 12
Effective from 6 April 2020
3
Introduction
Tax agents and advisers play an important role in helping their clients to get their tax returns
correct. This toolkit is aimed at helping and supporting tax agents and advisers by providing
guidance on the errors we find commonly occur in relation to property rental. It may also be
helpful to anyone who is completing an Income Tax Self Assessment tax return.
This version of the Toolkit was published in April 2020 and is applicable for financial years
commencing 6 April 2019 for Income Tax Self Assessment tax returns. Its use is entirely
voluntary.
The content of this toolkit is based on HMRC’s view of how tax law should be applied. Its
application to specific cases will depend on the law at the relevant time and on the precise facts.
For further information on using this toolkit and reasonable care under HMRC’s penalty system
see
Tax Agents Toolkits.
For guidance on matters not dealt with in this toolkit you should refer to HMRC’s Property
Income Manual (PIM).
Areas of risk within property rental
A person who owns an interest in land or property and who exploits that interest to receive rent
or other income is normally treated as carrying on a rental business. The legal definition of a
person can include a company. There are many similarities between the rental business of a
company and a rental business dealt with under Income Tax legislation. However, this toolkit is
focused on the Income Tax legislation.
A person can act in different legal capacities. For example, a person could be the owner of a let
property, be a shareholder of a company that lets property, be a member of a partnership that
lets property, or a trustee of a trust that holds let property. Letting in each of these capacities
represents a separate rental business. A loss on one rental business cannot be set against a
profit on another.
Profits from UK land or property are treated, for tax purposes, as arising from a business. For
Income Tax purposes the profits or losses should be calculated for the tax year to 5 April so this
may require apportionment of accounts figures. While the rental business profits are computed
using the same principles as for trades they are not trade profits and are subject to a different
set of rules.
Computation
From 2017-2018 cash basis is the default for calculating the profits for most property
businesses run by individuals or partnerships, where the income for the year is £150,000 or
less. However, property businesses must calculate their profits in accordance with Generally
Accepted Accounting Principles (GAAP) in certain circumstances or may elect to use GAAP
rather than cash basis.
For further guidance see PIM1090.
Where there is a change in the basis used to calculate profits it may be necessary to make
transitional adjustments to ensure that income and expenditure is accounted for only once.
For further guidance see PIM1096 and PIM1098.
There may be occasions when a person is carrying on a trade of providing services in addition
to letting a property. There are also certain letting activities that can amount to a trade.
However, these areas can be complex and although they are mentioned in brief they are not
specifically covered within this toolkit.
Effective from 6 April 2020
4
For further guidance see PIM4300.
Lease Premiums are also not covered within this toolkit.
For further guidance see PIM1200.
The main areas of risk for property rental broadly fall into the following categories.
Record keeping
Keeping accurate and up-to-date records is essential. Poorly kept records can mean that
information provided is not accurate and may result in:
• receipts other than rents being overlooked
• expenditure or reliefs being claimed incorrectly - conversely allowable expenses or reliefs
may not be claimed but may be due
• property disposals being overlooked.
For further guidance on record keeping see Keeping your pay and tax records.
Property income receipts
All income except capital receipts arising from an interest in land is part of the rental business.
Even a casual or one-off letting is treated as arising from a property rental business. As with any
other business, property income can include payments in kind as well as cash receipts.
Profits or losses from overseas properties and furnished holiday lettings need to be treated
separately for tax purposes.
For further information see PIM1025, PIM4700, and PIM4105.
Properties let rent-free or at less than market rate should also be considered separately to
ensure that any expenses are restricted appropriately. For all other let properties rental receipts
and expenses can be combined, so that expenses on one property can be deducted from the
receipts on another.
Deductions and expenses
Rental business expenses must be incurred wholly and exclusively for business purposes and
not be of a capital nature.
Difficulties may arise where the cost has a dual purpose, partly private and partly business. A
deduction can only be made for the business part where a definite part or proportion satisfies
the wholly and exclusively test. Similarly, difficulties may also arise in distinguishing between
revenue and capital expenditure. Capital expenses are generally not deductible in computing
rental business profits.
For further information see PIM1900.
New rules were introduced on 6 April 2017 limiting finance costs, which an individual can
deduct as an expense of a property business to the basic rate of income tax. The restriction
applies to all finance costs of a property business such as mortgage interest. It is being phased
in over 4 years, so the full restriction will apply from the tax year 2020-2021.
For further information about the restriction and how to calculate the tax relief due in the
transition years, please see the guidance on changes to tax relief for residential landlords.
Further information can be found here PIM2054.
Reliefs and allowances
The Rent a Room Scheme is aimed at individuals who let furnished living accommodation in
their only or main home, for example, by taking in a lodger. Income is treated as tax free up to a
Effective from 6 April 2020
5
certain amount, unless an election is made otherwise. When gross income exceeds that amount
there is a choice between paying tax on the actual profit or on the gross receipts less the tax
free amount.
For further information about the Rent a Room Scheme see Rent a room in your home.
Capital allowances can be claimed on certain items that belong to the landlord and are used
within the property rental business, for example tools, ladders, motor vehicles (subject to any
adjustment for private use). Capital allowances cannot be claimed on plant and machinery in a
dwelling house unless it is a furnished holiday let – see Q5 and Q21.
For further guidance see PIM3010.
For an ordinary property business, i.e. not a furnished holiday letting business, plant and
machinery allowances cannot be claimed on furniture, furnishings or fixtures for use in a
dwelling house. Instead, replacement of domestic item relief may be available where
replacements for items are purchased in a residential property – see Q18.
Plant and machinery allowances can be claimed on plant and machinery in a property which is
not a dwelling house see Q21.
A new property allowance of £1,000 was introduced on 6 April 2017. This allowance can be
used as an alternative to deducting expenses. There are other circumstances when the property
allowance cannot be used.
For further guidance see PIM4410.
General
There are particular issues relating to property income that will affect the completion of the
property pages of the Income Tax Self Assessment return. For example profits and losses, for
tax purposes, must be calculated for the relevant tax year (to 5 April).
Losses
Any rental business loss is carried forward and set off against rental business profits of the
same rental business in the following year. Rental business losses cannot be set against
general income except in limited circumstances. Furnished holiday letting losses can only be
carried forward and set off against furnished holiday lettings profits of the same business.
For further guidance see PIM4210.
Losses made in one rental business cannot be carried across to any other rental business
including those which the taxpayer carries on at the same time in a different legal capacity.
For further guidance see PIM1020.
Landlords living abroad
There are also specific rules for non-resident landlords with UK rental income. For further
information see The Non-Resident Landlords (NRL) Scheme.
Using links within this document
Blue underlined text are links within this document.
Green bold text are hyperlinks to external documents on the internet (access to the internet is
necessary to view these).
We have a range of services for people with disabilities, including guidance in Braille, audio and
large print. Most of our forms are also available in large print. Please contact any of our
helplines if you need these services.
Effective from 6 April 2020
6
Dealing with HMRC if you have additional needs
Giving HMRC feedback on Toolkits
HMRC would like to hear about your experience of using the toolkits to help develop and
prioritise future changes and improvements. HMRC is also interested in your views of any
recent interactions you may have had with the department.
Send HMRC your feedback
Effective from 6 April 2020
7
Client Name: Period Ended:
Checklist for Property Rental Income
Property income receipts
Yes
No
N/A
N/K
1
Have all gross rents and other receipts from land and
property been included as property income as appropriate?
Have any deposits received been included as income as
appropriate?
If a jointly owned property is let, has the profit or loss been
divided correctly?
If there are overseas rental properties, have the profits or
losses been treated correctly as income of an overseas
property business?
If there is commercial letting of furnished holiday
accommodation in the UK or EEA have all qualifying
conditions been met?
If surplus business premises have been let, and the rent
receivable treated as a business receipt have all of the
conditions been met?
☐ ☐ ☐ ☐
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2
3
4
5
6
Effective from 6 April 2020
8
7
Deductions and expenses
Have all items of expenditure on the improvement of an
asset been treated correctly?
Have any legal and other professional fees incurred in
acquiring an asset been allocated appropriately?
Has all expenditure on essential repairs to a newly acquired
property been treated correctly?
If expenditure incurred prior to the commencement of the
rental business has been claimed have all of the conditions
been met?
Have any capital repayments been excluded from loan
interest and other finance charges?
Has the finance costs restriction been applied to mortgage
interest and other finance costs incurred?
Have any 'dual purpose' expenses been apportioned in
respect of any property used only partly for rental business?
☐ ☐ ☐ ☐
☐ ☐ ☐ ☐
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8
9
10
11
12
13
Effective from 6 April 2020
9
14
Deductions and expenses continued
If a vehicle has been used by a landlord for non-business
travel, including home to work, has only the business travel
been claimed?
Are all expenses claimed by the landlord for business trips
wholly and exclusively for the purpose of the rental
business?
Where wages and salary costs are being claimed, have
employment taxes been applied appropriately?
If there have been wages or salaries paid to relatives or
connected parties are the amounts paid commensurate with
their duties?
If a property has been let rent free or at less than normal
market rate has any expenditure been restricted
accordingly?
Reliefs and allowances
If Replacement of Domestic Items relief has been claimed
has it been claimed for the right amount on a qualifying
item?
☐ ☐ ☐ ☐
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☐ ☐ ☐ ☐
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15
16
17
18
19
Effective from 6 April 2020
10
20
Reliefs and allowances continued
If Rent a Room Relief is being claimed does it meet the
conditions for relief?
Has any income over the Rent a Room exemption limit been
treated as taxable rental income and the appropriate
method applied?
If capital allowances have been claimed is the expenditure
qualifying?
General
Has the 5 April basis period been applied?
If accounts have been prepared using a different basis to
the preceding year, has an appropriate transitional
adjustment been made?
Have any rental business losses been used correctly and
set in full against the first available rental profits?
Have only appropriate rental business losses been set
against general income?
☐ ☐ ☐ ☐
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21
22
23
24
25
26
Effective from 6 April 2020
11
27
General continued
If a landlord is non-resident has tax been deducted from the
rental payments?
If box 21 in the property pages of the Self Assessment
return has been completed have the correct figures been
included at box 20?
If there has been a disposal of a rental property has Capital
Gains Tax been calculated appropriately?
☐ ☐ ☐ ☐
☐ ☐ ☐ ☐
☐ ☐ ☐ ☐
28
29
Effective from 6 April 2020
12
Explanation and mitigation of risks
Property income receipts
1. Have all gross rents and other receipts from land and property been included as
property income as appropriate?
Risk
Land and property income includes all gross rents received before any deductions, for example
property management fees. Income also includes other receipts such as grants, ground rents
etc.
Mitigation
Ensure that all property income is identified and includes all rents gross of any fees or expenses
paid. Identify any ancillary receipts and ensure these are also included as property income.
For further guidance see PIM1051.
Explanation
Where a property management agent is engaged they often pay the landlord the rents received
net of their fees and other expenses including items that may be capital or otherwise not
allowable. The gross rents and not the net amount that was paid to the landlord must be
included as the property income. Any agent fees and other costs, if allowable, should be
claimed as a deduction.
There are certain receipts which are specifically excluded by statute from UK property rental
businesses.
For further guidance see PIM1112.
back to checklist
2. Have any deposits received been included as income as appropriate?
Risk
Deposits taken from tenants should be recognised in accordance with the accounting basis
used. So if GAAP is used then normally the deposit amount would be deferred and matched
with the costs of providing the services or carrying out repairs.
Bonds are generally not rental income and are held separately.
Deposits not refunded at the end of a tenancy or amounts claimed against bonds should
normally be included as income unless they have already been recognised.
Any deposit balance not used to cover the cost of services or repairs and that is repaid to the
tenant or licensee should be excluded from the receipts of the rental business.
Mitigation
When using the GAAP method of computing profits and losses, deposits should normally be
deferred and matched with the costs of providing the services or carrying out repairs. Review
the deposits and bonds held and ensure that they have been included as income where
appropriate.
For further guidance see PIM1052.
back to checklist
Effective from 6 April 2020
13
3. If a jointly owned property is let, has the profit or loss been divided correctly?
Risk
Where two or more individuals jointly own a property any profit or loss is normally divided
between them according to their share of the property being let unless a different division is
agreed. The share for tax purposes must be the same as the share actually agreed.
Where the joint owners are married or in civil partnership, the profits or losses should be split
50/50 unless they own the property in unequal shares and they make an election to have their
share match the share they each hold.
Mitigation
Establish if rents have been received from a jointly let property. Ensure that the share of the
profit or loss shown on the tax return is divided between the owners according to their share of
the property unless a different division has been agreed between them.
Where the individuals are married or in a civil partnership ensure the profit or loss is split 50/50
unless an election is made for their share to match the share of the property they each own or
the property is a furnished holiday let. To make an election to split the profit or loss differently
use this form Declare beneficial interests in joint property and income.
Explanation
Individuals who jointly own a property should know who is keeping the records and have access
to them. They are personally responsible for including their share of the profit or loss in their
own tax return even if they agree that someone else will keep the records.
Exceptionally, the joint letting activity may amount to a partnership if the degree of organisation
is similar to an ordinary commercial business. If a genuine business partnership exists ensure
the share of the partnership profit or loss is kept separate from any other personal letting
income. A partnership loss cannot be deducted from a personal rental profit and vice versa.
For further guidance on jointly owned property and partnerships see PIM1030.
back to checklist
4. If there are overseas rental properties, have the profits or losses been treated
correctly as income of an overseas property business?
Risk
Profits or losses of an overseas rental property should not be combined with those of a UK
rental business. If profits or losses of the UK and overseas rental businesses are combined this
may result in profits or losses being calculated incorrectly, for example if the losses from one
are set against profits of the other. Special rules may apply to the commercial letting of
furnished holiday accommodation in the European Economic Area (EEA), see Q5.
Mitigation
Ensure that all income and expenses declared on the UK property pages of the return relate to
UK properties and that any income and expenses relating to overseas property are declared
separately on the foreign pages. Ensure that the losses of one business are not set against
profits of the other business.
Explanation
Rents and other receipts from properties outside of the UK are taxed separately as foreign
income even though the profits and losses are computed using trading principles just like those
of a UK rental business.
For further guidance see PIM4702.
Effective from 6 April 2020
14
Where overseas income has suffered foreign tax please refer to PIM4702.
back to checklist
5. If there is commercial letting of furnished holiday accommodation in the UK or
EEA have all qualifying conditions been met?
Risk
Special tax rules allow the commercial letting of furnished holiday accommodation in the UK to
be treated as a trade for some specified purposes - more beneficial capital allowances and
certain capital gains reliefs. From 2009 the rules have been extended to include Furnished
Holiday Lettings (FHL) of accommodation elsewhere within the European Economic Area
(EEA). In addition some of the rules on both UK and EEA furnished holiday letting changed in
April 2011 and April 2012.
Furnished holiday lettings are charged under the property income rules although there are some
tax advantages available for furnished holiday lettings if specific qualifying conditions are met.
For example capital allowances can be claimed on furniture and furnishings in the property as
well as plant and machinery. The letting should not be regarded as a furnished holiday letting
unless all qualifying conditions are met.
Mitigation
Ensure that the property is situated in the UK or in the EEA, furnished, let on a commercial
basis, with a view to a profit, and that all qualifying conditions are met. Both the UK and the EEA
FHL businesses are entered on the UK property pages but a separate set of entries must be
made for each. This is to ensure that any losses are set off only against profit from the UK or
EEA as appropriate (see below). The tax return notes explain how to fill in the pages where
there are both UK and EEA properties.
For further information on the tax treatments available for furnished holiday letting businesses
see Helpsheet 253 - Furnished Holiday Lettings.
Explanation
All of the following qualifying conditions must be met:
• availability: the property must be available for commercial letting as holiday accommodation
to the public for at least 210 days during the relevant 12 month period (increased from 140
days prior to 2012-13)
• letting: the property must be commercially let as holiday accommodation to members of the
public for at least 105 days during the relevant 12 month period (increased from 70 days prior
to 2012-13)
• pattern of occupation: not more than 155 days must fall during periods of longer term
occupation.
A letting for a period of longer term occupation is not a letting as holiday accommodation. A
period of "longer term occupation" is a letting to the same person for a continuous period of
more than 31 days.
For full details on the qualifying conditions and the computation of profits, including the full
definition of the relevant 12 month period see Helpsheet 253 - Furnished Holiday Lettings.
Profits or losses arising from furnished holiday letting businesses should be calculated
separately from any other rental business profits and losses. Where furnished holiday lettings
result in a loss, these losses can only be carried forward and set against the furnished holiday
letting profits of the same furnished holiday letting business; for this purpose, furnished holiday
lettings in the UK are treated as a separate business to furnished holiday lettings in the EEA.
back to checklist
Effective from 6 April 2020
15
6. If surplus business premises have been let, and the rent receivable treated as a
business receipt have all of the conditions been met?
Risk
Rent received from letting surplus business accommodation is strictly assessable as property
income. However, rents from surplus business accommodation may be included in the
calculation of the businesses trading profits if certain conditions are met.
Mitigation
Establish whether rents have been received from letting surplus business accommodation.
Ensure the conditions below are met before including the rents in the calculation of trading
profits.
Explanation
The conditions that must be met to treat rents from surplus business accommodation as trading
profits are:
• the accommodation must be temporarily surplus to current business requirements
• the accommodation must not be trading stock of the trader
• the premises must be used partly for the business and partly let. In other words, rents from a
separate property which is wholly surplus must be dealt with as property income
• the rental income must be comparatively small (since otherwise, the tax liability resulting may
not approximate to the strict statutory liability)
• the rents must be in respect of the letting of surplus business accommodation only and not of
land.
S21 of Income Tax (Trading and Other Income) Act 2005 sets out rules for determining
whether the accommodation is temporarily surplus to requirements. These are:
• that the accommodation must have been used for the purposes of the trade within the last
three years (or acquired within that period)
• that the accommodation must be let for a term of not more than three years
• that the trader must intend to use the accommodation for trade purposes at a later date.
If all the conditions are satisfied the rents from lettings of surplus business accommodation can
be included in the computation of trade profits. This treatment must then continue as long as the
conditions are satisfied.
For further guidance see PIM4300 and Business Income Manual (BIM) BIM41015.
back to checklist
Deductions and expenses
7. Have all items of expenditure on the improvement of an asset been treated
correctly?
Risk
When work is carried out to an existing or newly acquired property which results in the asset
being altered, improved or upgraded - that is makes it better than it had been before, then such
costs are normally capital and should be disallowed in computing the rental profit or loss for tax
purposes.
Where any unintentional improvement arises due to the use of new materials, which are broadly
equivalent to the old materials, the cost normally remains revenue expenditure. For example,
replacing lead pipes with copper or plastic pipes.
Effective from 6 April 2020
16
See explanation for further information on repairs.
Mitigation
Where work is carried out to repair or refurbish a new or existing property, review the
expenditure to identify any items that represent improvements rather than repairs. Ensure that
the relevant expenditure is allocated appropriately.
Where there are essential repairs made to a newly acquired derelict or run down property, see
Q9.
Explanation
It is important to differentiate between capital expenditure and repairs. Repairs are allowable as
a deduction against rental income, whereas any capital expenditure should be claimed, if
appropriate, against any future Capital Gains Tax when the property is sold, see Q28.
Repair means the restoration of an asset by replacing subsidiary parts of the whole asset. An
example is the cost of replacing roof tiles blown off by a storm. There will not be a repair if a
significant improvement of the asset beyond its original condition results - that will be capital
expenditure. For instance, there will be a capital improvement if the taxpayer extends the area
of the original roof or takes off the roof and builds on another storey.
Examples of common repairs that are normally deductible in computing rental business profits
include:
• exterior and interior painting and decorating
• stone cleaning
• damp and rot treatment
• mending broken windows, doors, furniture and machines such as cookers or lifts
• re-pointing
• replacing roof slates, flashing and gutters.
Work commissioned on a property may include expenditure on improvements and also separate
expenditure on repairs at the same time. In these circumstances the expenditure on repairs
remains allowable. Expenditure may be apportioned on a reasonable basis to estimate the
amount attributable to the repair element.
For further guidance see PIM2020. Find out more about Capital Gains Tax.
back to checklist
8. Have any legal and other professional fees incurred in acquiring an asset been
allocated appropriately?
Risk
Generally, fees are capital if they relate to a capital matter, such as the purchase of property.
Therefore costs incurred in respect of acquiring, adding to or selling an asset are normally
capital, for example fees paid to a surveyor/valuer, planning permission or registration of title on
a property purchase.
The incidental costs of obtaining finance that are wholly and exclusively incurred for the purpose
of acquiring the property are normally allowable.
Mitigation
Consider whether any legal or other professional fees have been incurred relating to property.
Ensure that these costs are allocated appropriately.
For further guidance see PIM2120 and BIM46400.
back to checklist
Effective from 6 April 2020
17
9. Has all expenditure on essential repairs to a newly acquired property been
treated correctly?
Risk
If a property is acquired in a derelict or run down state and the price paid for the property was
consequently substantially reduced, expenditure incurred in repairing it and putting it into a fit
state for letting or use in the business may be capital rather than revenue expenditure.
Mitigation
Consider the timing and extent of the work carried out on the newly acquired property and any
relevant additional factors (see examples). Ensure any expenditure incurred on repairing the
property is allocated appropriately.
Explanation
Repairs to reinstate a worn or dilapidated asset are usually deductible as revenue expenditure.
The fact that the taxpayer bought the asset not long before the repairs are made does not in
itself make the repair a capital expense. But a change of ownership combined with one or more
additional factors may mean the expenditure is capital.
Examples of such factors are:
• A property acquired that was not in a fit state for use in the business until the repairs had
been carried out or that could not continue to be let without repairs being made shortly after
acquisition
• The price paid for the property was substantially reduced because of its dilapidated state,
except where the purchase price merely reflects the reduced value of the asset due to normal
wear and tear (for example, between normal exterior painting cycles)
• The landlord makes an agreement that commits them to reinstate the property to a good state
of repair. For example, Mr A is granted a 21-year lease of a property in a poor state of repair
that he, in turn, sublets. When the lease is granted Mr A agrees that he will refurbish the
property. Mr A's expenditure on making good will be capital expenditure and not normally
allowable. In some circumstances Mr A's landlord may be chargeable on the value of the work
under the premiums rules (PIM1200+) and Mr A may qualify for some relief (PIM2300+).
It is not necessary for all these factors to be present for the expenditure to be capital. The
underlying principle is that the cost of buying a property in good condition is clearly capital
expenditure. Hence the cost of buying a dilapidated property and putting it in good order is also
capital expenditure.
For further guidance see PIM2020.
back to checklist
10. If expenditure incurred prior to the commencement of the rental business has
been claimed have all of the conditions been met?
Risk
Expenditure incurred prior to the commencement of a rental business is allowable if it is
incurred wholly and exclusively for the purposes of the rental business and it is not capital
expenditure. In addition, the conditions must be satisfied for the relief to be due on expenditure
incurred before the start of the rental business.
Mitigation
Consider any expenditure on activities that are preparatory to letting. Ensure the expenditure
meets the conditions noted below.
Effective from 6 April 2020
18
Explanation
The date of commencement is a question of fact. Where the rental business is letting property,
the business normally begins when the letting of the first property begins and not on the date
the property is purchased. Relief may be due on expenditure incurred before the start of the
rental business if it satisfies all of the following conditions:
• it is incurred within a period of seven years before the date the rental business is started
• it is not otherwise allowable as a deduction for tax purposes
• it would have been allowed as a deduction if it had been incurred after the rental business
started.
Qualifying pre-commencement expenditure is treated as incurred on the day on which the rental
business commences.
For further guidance see PIM2505.
back to checklist
11. Have any capital repayments been excluded from loan interest and other
finance charges?
Risk
Only the loan interest is an allowable deduction in computing the rental profit or loss for tax
purposes. If the capital payments are not separated from the interest, for example for mortgage
repayments, the rental profits will be understated.
Mitigation
Review the mortgage/loan statements and separate the capital repayments from the interest
payments. Ensure that only the loan interest payable in respect of the let property is included in
computing the rental profit or loss.
No deduction should be made where Rent a Room Relief is being claimed during a year. For
further details on the Rent a Room Scheme, see Q19.
For further guidance see PIM2105.
back to checklist
12. Has the finance costs restriction been applied to mortgage interest and other
finance costs incurred?
Risk
The tax relief that landlords of residential properties get for finance costs is being restricted to
the basic rate of Income Tax. This is being phased in from 6 April 2017 and will be fully in place
from 6 April 2020. In the tax years 2017-2018 to 2019-2020 a proportion of finance costs will be
allowed as a deduction.
The deduction is replaced by a tax reduction, which is calculated as 20% of the lower of three
sums:
• finance costs - costs not deducted from rental income in the tax year (this will be a proportion
of finance costs for the transitional years) plus any finance costs brought forward
• property business profits - the profits of the property business in the tax year (after using any
brought forward losses)
• adjusted total income - the income (after losses and reliefs and excluding savings and
dividends income) that exceeds your personal allowance.
There are transitional rules for tax years 2017-2018, 2018-2019 and 2019-2020.
Effective from 6 April 2020
19
Mitigation
Establish the finance costs incurred for the property business, apply the capital and wholly and
exclusively rules before you consider this restriction, see Q11 and Q13. For the transitional
years calculate the amount of interest allowable as a deduction, from 2020-2021 this amount
will be nil.
Calculate the tax reduction to be applied, this is 20% of the lower of the three sums listed
above. The tax reduction is applied in the calculation after the tax liability for property income is
worked out, reducing the tax paid by the reduction amount. Note that the tax reduction cannot
be used to create a tax refund.
For further guidance see PIM2050.
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13. Have any 'dual purpose' expenses been apportioned in respect of any
property used only partly for rental business?
Risk
Where any expenses are in respect of a property that is used partly for the rental business and
partly for private or non-business, expenditure should be apportioned accordingly. For example,
loan interest where only part of the property has been let or only part of the loan has been used
for the purposes of the rental business.
Expenditure relating to life insurance policies (for example a mortgage protection policy) on
business loans and mortgages is not wholly and exclusively for the purposes of the business,
and therefore is not an allowable deduction against rental income for tax purposes. The
incidental costs of arranging business finance are normally allowable but the cost of monthly life
insurance premiums are not.
Mitigation
Establish the amount of any non-rental business related expenditure and ensure that this is
excluded in computing the rental profit or loss. A review of payments made to financial
institutions may identify non-business payments, for example life insurance premiums.
Ensure any 'dual purpose' expenses have been apportioned appropriately.
Explanation
Strictly, if an expense is not incurred wholly and exclusively for the purposes of the rental
business, it may not be deducted. In practice though some dual purpose expenses may include
an obvious part which is for the purposes of the business, for example, loan interest if the
property is partly let. In these circumstances expenses should be apportioned and only the
business part should be claimed in computing the rental profit or loss.
For further guidance see PIM2010 and BIM45815.
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14. If a vehicle has been used by a landlord for non-business travel, including
home to work, has only the business travel been claimed?
Risk
If a vehicle is used for rental business and non-business travel, and the landlord deducts the
costs of running the vehicle (including fuel/insurance), the full amount may not be wholly and
exclusively for the purposes of the rental business. If the costs are not properly apportioned to
reflect the business/non-business elements, the deduction claimed will be inaccurate.
The fixed rate mileage allowance will not be available if capital allowances have previously been
claimed on the vehicle.
Effective from 6 April 2020
20
Where the business is administered from an office outside the landlord's home, non-business
travel will normally include journeys between home and office or let property.
Mitigation
Ensure there is an adequate record keeping system maintained to establish the proportion of
business use each year. Apportion any costs to reflect the business/non-business elements and
ensure only the business element is allowed.
If the fixed rate mileage allowance is used as an alternative to deducting running costs, ensure
that capital allowances have not previously been claimed on the same vehicle.
For further guidance see PIM2220.
Capital Allowances may also be affected in these circumstances. For further guidance see
Capital Allowances Manual CA27005.
For further information on the errors that we find commonly occur in relation to capital
allowances for plant and machinery see Capital Allowances for Plant and Machinery Toolkit.
Explanation
Where there are separate business premises away from the landlord's home there is normally
little doubt that the journeys to and from home are, in part, for the private purpose of
commuting. The cost of travel from the rental business premises to and from the rental
properties, and between the properties, may be allowable provided it was incurred wholly and
exclusively for business purposes.
In a rental business, where there are often no separate business premises, identifying the
purpose(s) of the journeys can be difficult. In these circumstances consideration needs to be
given to the nature of the trade, how the business activities are organised and what purpose(s)
the journeys to and from home serve.
For further guidance see BIM37635.
The actual costs of any business journeys (tolls, parking fees etc.) and a proportion of the road
tax, insurance (provided the insurance covers business use), repairs, finance costs, etc.,
together with the cost of fuel incurred for the journey will generally be allowable.
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15. Are all expenses claimed by the landlord for business trips wholly and
exclusively for the purpose of the rental business?
Risk
If a trip either within the UK or abroad is for a mixed purpose the whole expense of the trip may
not be allowable. For example when the landlord owns a foreign property and the purpose of
the trip is for both the rental business and a holiday then only those items of expenditure that
are solely for the purpose of the rental business can be deducted.
If the sole purpose of the trip is for the rental business the expense will usually be allowable in
full notwithstanding any incidental private benefit.
Mitigation
Consider the purpose of the trip. For example check whether there was any personal travel
included within the trip or if the landlord was accompanied by their spouse/partner and/or family.
Where the trip was not solely for the purposes of the rental business ensure the appropriate
expenses, for example flights etc., are disallowed.
For further guidance see BIM37610.
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Effective from 6 April 2020
21
16. Where wages and salary costs are being claimed, have employment taxes
been applied appropriately?
Risk
Operation of tax under PAYE and National Insurance contributions (NICs) can be overlooked
where an individual other than the proprietor is employed full time or part time, for example, to
collect rents, provide office assistance, gardening etc.
Mitigation
Where an individual is employed within the rental business, ensure that PAYE and NICs are
operated appropriately on any payments made and these are remitted to HMRC.
Ensure that no deduction is made in computing the rental profit or loss for any drawings paid to
the proprietor or partner, including any payment for time spent managing the property.
Explanation
Failure to operate PAYE may result in the employer (landlord) having to pay HMRC any tax and
NICs that should have been deducted from the employees' wages.
Sometimes an employee is engaged partly to manage the rental business property and partly
on private work or other work outside the rental business. PAYE and NICs must be operated on
the entire remuneration of the employee but it may be difficult to ascertain the correct amount to
be included as a deduction against the rental business profits. In such circumstances a fair and
reasonable split should be made which takes into account all the facts. Only the part of the
wage or salary properly attributable to the rental business duties is allowable as a deduction in
computing the rental business profit or loss.
For further guidance see PIM2210.
For further information on PAYE see Operating PAYE in real time (RTI).
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17. If there have been wages or salaries paid to relatives or connected parties are
the amounts paid commensurate with their duties?
Risk
Where there is a non-business purpose to wages and salaries paid, for example to relatives or
connected parties or where the level of payment is determined by the relationship, then the part
or proportion of the payment that is not wholly and exclusively for the purposes of the rental
business is not an allowable deduction.
In addition if wages or salaries are not paid within nine months of the end of the period of
account they should be disallowed.
Mitigation
Establish whether any wages or salaries were paid to relatives or connected parties. Confirm
the payments were wholly and exclusively for the purposes of the rental business, for example
ascertain the work done and reason for the payment.
Consider whether the wages or salaries paid to the individual exceed a reasonable level of
reward for the value of the work undertaken i.e. the commercial rate. Ensure the overall
remuneration package including salary, wages, benefits and pension contributions is taken into
account when considering whether the amounts were paid wholly and exclusively for the
purposes of the rental business.
For further guidance see PIM2130.
Effective from 6 April 2020
22
Explanation
Where the facts show that a definite part or proportion of the remuneration is not wholly and
exclusively for the purposes of the rental business only that part is not allowable.
Where it is not clear whether wages or salaries have been paid for tax purposes or have not
been paid at the end of the period of account refer to BIM47130.
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18. If a property has been let rent free or at less than normal market rate has any
expenditure been restricted accordingly?
Risk
Unless a normal market rate is charged for a property it is unlikely that the expenses of the
property will be incurred wholly and exclusively for business purposes and should normally be
excluded from or restricted in computing the rental profit or loss.
If the business lets a property below the market rate as opposed to providing it rent free they
can deduct the expenses of that property up to the amount of rent received. As a result
uncommercial lettings should not produce a loss for tax purposes. Any excess expenses cannot
be set against profits from another rental property or carried forward to be used in a later year.
Mitigation
Ensure that all expenditure relating to any property let rent free or below the market rate is
excluded from or restricted in the accounts appropriately. Ensure that, for tax purposes a loss is
not produced for any uncommercially let property.
For further guidance see PIM2130.
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Reliefs and allowances
19. If Replacement of Domestic Items relief has been claimed has it been claimed
for the allowable amount on a qualifying item?
Risk
When letting residential property (excluding furnished holiday lettings), plant and machinery
capital allowances cannot be claimed on furniture, furnishings or fixtures within the property.
Instead, replacement of domestic items relief is available in respect of domestic items
purchased to replace an item previously provided for tenants in the property. Items that are not
a replacement or are an improvement do not qualify for the full relief.
Mitigation
Replacement of domestic items relief is not available for the full cost of an item that is an
improvement on the item replaced, unless it is the nearest available equivalent. Otherwise, the
relief is restricted to what the cost of replacing the item with an equivalent would have been.
The item the relief is claimed for must actually be a replacement of an item that was previously
provided in the property for the tenants’ use. An item purchased for the first time does not
qualify for any relief.
Explanation
Until 2015/16, wear and tear allowance could be claimed in respect of furnished lettings at an
amount equal to 10% of net rents received, but this is withdrawn from 2016/17. Instead, the
replacement of domestic items relief has been introduced for all residential lettings from
2016/17 onwards.
Effective from 6 April 2020
23
For further guidance see PIM3200.
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20. If Rent a Room Relief is being claimed does it meet the conditions for relief?
Risk
Under the Rent a Room Scheme a qualifying individual can be exempt from Income Tax on
profits from furnished accommodation in their only or main home if the gross receipts, before
expenses, are less than the exemption limit. However they cannot then claim any of the
expenses of the letting.
Unfurnished lettings and rooms let as an office or for other business purposes, for example
storage, do not qualify. The scheme does not apply to companies or partnerships. Neither does
it apply if the home is converted into separate flats that are rented out.
Mitigation
Ensure the individual is in receipt of rents from letting furnished residential accommodation in
their only or main home and that the gross receipts, before expenses, are below the exemption
limit.
Explanation
Gross receipts include not only rents but also payments made for the provision of any other
goods or services (such as meals, cleaning, laundry etc.) in connection with the letting. Rent
received from letting other properties should be excluded.
If the gross receipts are below the exemption limit the individual is automatically exempt from
tax. However, it is worth considering if an election should be made to have these rents taxed in
the normal way - that is, rents received minus expenses, see Q20. This may be beneficial for a
particular year where a loss has resulted, which can then be set against other letting income
outside Rent a Room. A fresh election needs to be made every year. No special form is
required for the election, making the appropriate entries on the Self Assessment return is
sufficient.
Rent a Room Relief applies to a tax year and the exemption limit should be halved when
someone else received income from letting accommodation in the same property. This might
happen when the property is jointly owned with another person.
For further guidance see PIM4001 and PIM4060 (2005-06 onwards).
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21. Has any income over the Rent a Room exemption limit been treated as
taxable rental income and the appropriate method applied?
Risk
The Rent a Room Scheme provides two methods to calculate the taxable profits when gross
receipts exceed the exemption limit. If receipts in excess of the exemption limit are overlooked
or one of the two methods is not applied the rental profits may be incorrect.
The rent-a-room threshold is reduced by half where the property from which the rent-a-room
income is received is jointly-owned with any number of people.
The current exemption limit for 2017/18 is £7,500 or £3,750 for a jointly-owned property.
Mitigation
If the gross receipts exceed the exemption limit ensure one of the methods below is used to
calculate the profits. Method A will apply automatically unless an election is made to apply
method B.
Effective from 6 April 2020
24
Method A: profits are calculated in the same way as for any property business. Total gross
receipts are added together and allowable expenses are deducted appropriately.
Method B: profits are calculated by taking gross receipts and deducting the exemption limit.
When this method is used the individual cannot claim any other expenses.
Once method B has been chosen it continues to apply unless the individual informs HMRC,
within the time limits, that they would like the first method to apply again. For example, when the
taxable profit for a particular year is less under method A or where expenses are more than the
rents, so there is a loss.
Example where method B is better
Mrs F lets out a room in her own home. Nobody else lets a room in the house. Her gross
receipts for the year are £8,400 with expenses of £1,000, resulting in an actual profit of £7,400.
She is not exempt from tax because her gross receipts exceed the exemption limit of £7,500.
The excess of her receipts over £7,500 is £900 (£8,400 less £7,500).
• Using method A, she pays tax on her actual profit of £7,400
• Using method B, she pays tax on the profit of £900 above the exemption limit.
In Mrs F's case, method B is better and she elects for it. For further guidance see PIM4030.
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22. If capital allowances have been claimed is the expenditure qualifying?
Risk
Capital allowances may be available on qualifying expenditure incurred on plant and machinery
but this depends on the type of property income. They are not generally available where the
income is from residential property. They may be available in respect of furnished holiday
lettings and commercial property.
Mitigation
Review the type of property income and ensure that capital allowances are not claimed on plant
and machinery in a dwelling house that is used in an ordinary or an overseas property business.
Explanation
Expenditure incurred on the provision of plant or machinery for use in a dwelling house does not
qualify for capital allowances for an ordinary or an overseas property business. Consideration
should be given to expenditure on plant and machinery in common parts of a building (for
example the stairs and lifts) which contains two or more dwelling houses. This may qualify for
capital allowances. For further guidance see CA23060.
Expenditure on plant and machinery for use in properties that are not dwelling houses (for
example commercial properties) may qualify for plant and machinery allowances. Expenditure
on plant and machinery may also be claimed where the property is a furnished holiday let - see
Q5.
When the purchaser of a property claims capital allowances on the fixtures acquired with the
property, it is important they establish the capital allowances position of the vendor as this will
have a bearing on the allowances the buyer can claim. Where a fixture is acquired on or after 6
April 2012 the seller and purchaser may need to use one of three procedures to fix the value of
the fixtures (normally within 2 years of the date of sale). In the vast majority of cases the
procedure will be for both parties to the sale to make a s198 election. For further guidance see
the section of the capital allowances manual that covers fixtures CA26000+.
For general information on capital allowances and balancing charges see Helpsheet 252.
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Effective from 6 April 2020
25
General
23. Has the 5 April basis period been applied?
Risk
For Income Tax purposes a rental business basis period is to 5 April each year. If the accounts
are not drawn up to 5 April then the two sets of accounts drawn up to some other accounting
date should be apportioned to establish the profit or loss for the year ended 5 April.
Mitigation
If accounts have not been drawn up to 5 April ensure profits or losses for the two years are
apportioned on a daily basis to find the profit or loss for the relevant tax year.
Explanation
The charge for Income Tax is on the full amounts of the profits arising in the tax year. This
means that a return has to be made to show the income of the year ended 5 April. The
exceptions are:
• where the property income belongs to a partnership carrying on a trade or profession
• where the income is actually trading income (and not property income as defined for tax
purposes) because the letting activity amounts to a trade.
For further guidance see PIM1010.
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24. If accounts have been prepared using a different basis to the preceding year,
has an appropriate transitional adjustment been made?
Risk
From 2017-18 the cash basis is generally the default method of calculation for individuals and
partnerships, unless a landlord opts out or has rental receipts for the business in excess of the
threshold in which case they will use GAAP to prepare accounts. Where there has been a
change of basis in calculating the profits/losses of a business income or expenses could be
accounted for more than once.
Mitigation
Where the profits and losses have been computed using a different basis in the previous year,
ensure that transitional adjustments are made relating to receipts and expenses.
Explanation
Making the adjustments ensures that income is counted only once and relief for expenditure
given only once over the lifetime of the business. In other words it ensures that tax is paid only
once on income received and relief for expenditure provided only once.
For further guidance see PIM1096 and PIM1098.
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25. Have any rental business losses been used correctly and set in full against the
first available rental profits?
Risk
Where rental losses are carried forward they must be used in full against the first available
rental business profits. There is no provision that allows for a smaller amount to be relieved.
Losses made in one rental business cannot be set against any other rental business.
Effective from 6 April 2020
26
For this purpose, the following are separate rental businesses, and losses in one cannot be set
against the profits of the others:
• UK furnished holiday lettings business
• EEA furnished holiday lettings business
• UK property business consisting of properties that do not qualify as furnished holiday lettings
• Overseas property business consisting of properties that do not qualify as furnished holiday
lettings
• A rental business carried on in a different legal capacity e.g. as a partner in a partnership.
Mitigation
Ensure that the correct loss figure is bought forward and fully utilised against the first available
rental business profits, keeping UK and EEA furnished holiday lettings businesses separate.
Where rental businesses are carried on at the same time in different legal capacities ensure that
losses made in one rental business are not set against any other rental business.
Losses arising from a rental business can be set against other non-rental income in limited
circumstances, see Q25.
Explanation
Rental business losses are calculated in the same way as rental business profits. So long as
the property business continues, losses should be carried forward and deducted from the future
profits from the same property rental business, until the losses can be utilised in full.
Expenses incurred on properties let free or below market rate can only be deducted up to the
amount of rent received. The excess of the expenses over the receipts cannot be deducted in
the rental business and cannot, therefore, create a loss, see Q17.
For further guidance see PIM2220.
Losses cannot be created under the Rent a Room Scheme. So, if the gross rental income is
under the exemption limit or the excess income is being taxed under the alternative basis, any
actual loss made cannot be relieved unless the individual notifies HMRC within the time limit
that rent a room should not apply for that particular tax year, see Q19.
For further guidance see PIM4040 on the Rent a Room Scheme and losses and PIM4050 for
time limits for making or withdrawing an election.
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26. Have only appropriate rental business losses been set against general
income?
Risk
Property rental business losses should normally be carried forward and deducted from future
profits of the same rental business.
Losses from properties that are not qualifying furnished holiday lettings can be set against
general income but only in limited circumstances, when they are attributable to capital
allowances or agricultural expenses. For more on capital allowances see Q21. In addition the
loss relief is restricted to the lesser of:
• the total general income for the year after deducting rental business losses brought forward
(to the extent of the rental business income) and after deducting any sideways relief for the
previous year's loss
• the amount of the rental business loss made in the year
• the net capital allowances after setting off any balancing charge.
Effective from 6 April 2020
27
Additionally, from 2013-14 there is a further limit on the amount of income tax relief that an
individual may claim for deduction from their total income in a tax year. The limit in each tax
year is the greater of £50,000 or 25 per cent of the individual's adjusted total income. See
Helpsheet 204 Limit on Income tax Reliefs.
Mitigation
Where property rental business losses are to be set against general income, ensure that these
are limited as detailed above and restricted appropriately. Ensure a claim is submitted within the
appropriate time limit.
See explanation and for further guidance see PIM4220.
Explanation
The amount of the loss attributable to the items detailed above can be set against the general
income of the year of loss or the following year.
For example, a loss for 2009-10 can be set against either the general income of 2009-10 or the
general income of 2010-11. The end of the year of assessment is 5 April 2010, the claim
therefore must be made by 31 January 2012.
For further guidance and examples see PIM4205+.
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27. If a landlord is non-resident has tax been deducted from the rental payments?
Risk
Where the owner of a property lives outside the UK for a total of 6 months in a year (6 April – 5
April), their letting agent or tenant should deduct basic rate Income Tax from the rental paid to
the non-resident landlord, unless the letting agent or tenant has received confirmation from
HMRC that the non-resident landlord has received approval from HMRC to receive their rental
income gross.
Mitigation
Establish whether any rents are being paid to or received by a non-resident landlord. If so,
ensure the landlord receives a certificate showing the tax deducted by the letting agent or the
tenant.
For letting agents or tenants unless either of the exceptions apply, ensure that basic rate
Income Tax has been deducted and paid to HMRC and a certificate of tax deducted and
expenses paid, is provided to the landlord by 5 July following the end of the year to 31 March.
Explanation
The Non-Resident Landlord Scheme is the method for collecting tax from the UK rental income
of persons whose usual place of abode is outside the UK. The only exceptions are for:
• a tenant making payments direct to an overseas landlord, where the rental payments are
£100 a week or less and the tenant has not been instructed by HMRC to deduct tax. There is
no such limit for letting agents, who are required to deduct tax from all rents collected on
behalf of non-resident landlords unless the second exceptions applies;
• a letting agent or tenant holding confirmation from HMRC that the non-resident landlord has
HMRC's approval for rents to be received gross i.e. without the deduction of basic rate tax.
A letting agent for the purposes of the Scheme is the landlord’s UK representative that is
responsible for receiving the rents on behalf of the non-resident landlord. This could be a
professional letting agent, family member or friend. Where there is no letting agent the tenant is
responsible for deducting basic rate tax and paying the amounts to HMRC quarterly.
For further information see The Non-Resident Landlords (NRL) Scheme and PIM4800.
Effective from 6 April 2020
28
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28. If box 21 in the property pages of the Self Assessment return has been
completed have the correct figures been included at box 20?
Risk
Where tax has been deducted from, for example a non-resident landlord's UK rents, the amount
of tax deducted should be shown at box 21. No other amounts should be included in this box.
The gross amount of income, the total amount received plus the tax deducted should be
entered at box 20.
Mitigation
For non-resident landlords confirm that a tax deduction certificate has been received detailing
the tax deducted by the UK letting agent or tenant. The amount of tax deducted should be
entered at box 21. No other amount should be included in this box. Ensure the correct amount
is included at box 20.
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29. If there has been a disposal of a rental property has Capital Gains Tax been
calculated appropriately?
Risk
Where a let property has been disposed of, Capital Gains Tax can be overlooked.
Mitigation
Identify any let properties disposed of and ensure that Capital Gains Tax is calculated and
reported on the Capital Gains Tax pages of the tax return.
Ensure previous documentation relating to the purchase of the property and any capital
expenditure are retained. This will ensure that the correct expenditure and reliefs are claimed in
the Capital Gains Tax computation.
Explanation
Capital Gains Tax is a tax on the profit or gain made on sale or where someone otherwise
'disposes of' an asset. This includes the gift of an asset. Most real property, such as land and
buildings, is liable to Capital Gains Tax, which means a capital gains computation is required to
work out any gain or loss. Types of property liable to Capital Gains Tax include:
• a rented property or a second home
• business premises, such as a shop or a farm
• land, such as agricultural land.
For further information about types of property, reliefs and working out the Capital Gains Tax
due, see also Tax when you sell property.
For further information on errors that we find commonly occur in relation to Capital Gains Tax on
land and buildings see Capital Gains Tax for Land and Buildings Toolkit.
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