Jump to content
Sign in to follow this  
burremr

Income tax deposit compensation & rent protection

Recommended Posts

Hi All, just looking for some clarification on the treatment of the following items for upcoming 2016/17 tax year:

  • Compensation to Landlord from Deposit - essentially to payment from T to LL for damage to property
  • ¬†Rent & Legal Protection (RLP) - payment from insurance to cover non payment of rent to LL

Not found anything on the HMRC websites so interested to know if these are exempt or attract income tax etc.

Share this post


Link to post
Share on other sites

You would record them both as income. Anything you spend on repairing the loss or damage you would record as an expense.

Google and Starbucks are only doing something that most landlords do not consider it worth bothering with ie putting lots of effort into producing a tax return that includes expenses claims for EVERYTHING they can legally claim for.

I probably spend more time and effort on my tax return than I do managing my rental portfolio !

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

×
×
  • Create New...