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Property rental income is generally assessable as property income (¶7000+). However, certain receipts may be treated as trading income where they are ancillary to an existing trade and arise...
Expenditure will be deductible if it is incurred wholly and exclusively for the purposes of the trade. There can be no duality of purpose (but see ¶3370 for the ability to apportion). The only...
The principles discussed at ¶3355 - ¶3685 also apply to property businesses. In addition, where a rental property is temporarily empty (for example, between tenancies), expenditure incurred...
Where a trader receives rental income from the letting of surplus business accommodation, this may be included in the trading profit calculation. This is only possible where the: - accommodation...
If you have to travel on business HMRC accepts the cost as a tax deductible expense. However, it argued the opposite in a high profile tribunal case. Why and what was the outcome?
One of our subscribers was told by an associate that his company could claim a tax deduction for renting its business premises even though it was in a rent-free period. It sounds too good to...