Can I use the property allowance on rent I receive from my company?

Can I use the property allowance on rent I receive from my company?

Kully Sahota ACMA ★ Kully Sahota ACMA ★

Kully Sahota ACMA ★

Solving the stress of accounting for Founders while growing a ￡1M+ practice.

发布日期: 2019年10月7日
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I own/control a limited company that I charge rent to for a property that I own personally, can I use the property allowance against it on my Self-Assessment tax return?

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.

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