[eɪʧ-ɛm-ɑː-siː ˈprɒpəti ˈɪnkʌm əˈlaʊəns]
HMRC Property Income Allowance is a tax-free £1000 allowance for rental income. It cannot be used in conjunction with other allowances for rental income.
HMRC Property Income Allowance is a tax relief scheme in the United Kingdom, which provides individuals with a tax-free allowance of up to £1000 on their rental income. This reduces their tax liability. If an individual receives more rental income than £1000, they must declare it and pay take on the amount about allowance.
If your annual rental income is below the allowance, there is no requirement to declare the income to HMRC.
You can't claim this allowance in conjunction with other allowances for rental income (such as the Rent a Room Scheme) so it may not be the most tax-efficient choice for certain individuals.
January 31st is the deadline for submitting 2022/23 tax returns. It's a good idea to complete your tax return ahead of this deadline to avoid mistakes and potential penalties. This article shows why its a good idea to submit your tax return early and how Earnr can help you if you are stuck.
Read more.webp)
We recently introduced our newest addition to the Earnr team; our AI chat bot, Earnr AI. In this article we put Earnr AI to the test and asked it why you should use Earnr as your tax companion, bookkeeping tool and tax return assistant. Read it's excellent response!
Read more
The festive period is often thought of as the busiest time of the year with the run up to Christmas and New Year. Whilst this period can feel hectic at times, it can also be seen as the perfect time to complete your tax return. In this article we explain why this Christmas time is the best time to submit your 22/23 tax return.
Read more