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Property Income - Statistics
General Stats
- This quiz has been taken 13 times
- The average score is 3 of 37
Answer Stats
| Answer | % Correct | |
|---|---|---|
| What is the default basis for payments/receivables? | cash basis | 100%
|
| What is property income taxed as? | Non-savings income | 100%
|
| What is the threshold of receipts to change basis? | £150000 | 50%
|
| Rent a room relief: what is exempt? | £7500 | 50%
|
| What is the property allowance for individuals? | £1000 | 0%
|
| What is this restricted to? | 20% | 0%
|
| Relief is calculated on: | 20% of the lower of | 0%
|
| Adjusted total income | 0%
| |
| How is property loss carried forward? | Against first available future property income | 0%
|
| Ancillary services provided by landlord | 0%
| |
| Bad debts (only accruals basis) | 0%
| |
| What should they do if allowable expenses are less than £1000 | elect for property allowance | 0%
|
| What if rent received is below or equal to £1000 | exempt or deduct actual expenses if creates a loss | 0%
|
| What happens if the lowest is PBP or ATI? | Finance costs carried forward - lowest value = basic rate tax reduction in following year | 0%
|
| finance costs for tax year add any finance costs brought forward | 0%
| |
| Finance costs relating to non-residential properties | 0%
| |
| Fixed rate deductions for vehicles used in the property business (unless capital allowances have been claimed) | 0%
| |
| Replacement allowed in full if: | improvement due to technological advancements | 0%
|
| There is no relief for: | Initial expense of purchasing domestic items | 0%
|
| Allowable deductions: (only when rented out) | Insurance | 0%
|
| What is an allowable cost? | interest on mortgage repayments | 0%
|
| Legal and professional costs | 0%
| |
| ONLY available for: | like for like replacement (not improvements) | 0%
|
| Finance costs: what is never an allowable property income expense? | mortgage repayments | 0%
|
| Unless: | no longer available to the tenant | 0%
|
| If over threshold - tax lower of: | normal rental income calculation | 0%
|
| Capital allowances on: | Plant and machinery used for repairs and maintenance | 0%
|
| Capital allowances not available on: | plant and machinery used in the rental property | 0%
|
| Property business profits (after using any brought forward losses) | 0%
| |
| Rates and tax paid by landlord | 0%
| |
| How to calculate property income assessment? | Rent received - allowable expenses | 0%
|
| rent received less £7500 | 0%
| |
| Repairs and maintenance | 0%
| |
| Deductible cost of | replacing fixtures integral to the building | 0%
|
| What if rent received is higher than £1000? | tax lower of normal rental income or rent received less £1000 | 0%
|
| What can tax reduction not be used for? | To create a tax refund | 0%
|
| vehicles used in property business (unless fixed rate deduction is claimed) | 0%
|
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