burremr Posted March 19, 2017 Report Share Posted March 19, 2017 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. Link to comment Share on other sites More sharing options...
Carryon Regardless Posted March 19, 2017 Report Share Posted March 19, 2017 They're both revenues. Link to comment Share on other sites More sharing options...
burremr Posted March 19, 2017 Author Report Share Posted March 19, 2017 Thanks 'CarryonRegardless' didnt think HMRC would miss a trick unless Im operating as Google or Starbucks of course Link to comment Share on other sites More sharing options...
Richlist Posted March 19, 2017 Report Share Posted March 19, 2017 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 ! Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.