When letting property, the aim is to make a profit. However, as recent years have shown, life is unpredictable, and things do not always work out as planned. Where property losses are made, it may be possible to obtain tax relief for those losses.
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The property income allowance allows you to earn a small amount of rental income tax-free each year. It is useful where the rent-a-room scheme does not apply (which is limited to the letting of furnished accommodation in your own home), and removes the need to report small amounts of rental income to HMRC.
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When you start a business, you will need to incur costs before you are able to start trading. Did you know that you are able to claim tax relief for pre-trading expenses?
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