What can expenses can I deduct against income from my AIRBNB letting ? Typical expenses that can be deducted from an individual’s income in relation to shortterm lettings. Where income is deemed to be trading income, a deduction will be available for expenses which have been wholly and exclusively laid out for the purposes of…
What expenses and deductions are not allowed for foreign rental income? You cannot claim the following against your foreign rental income: pre-letting expenses post-letting expenses capital expenditure or improvement costs the cost of your own labour if you carry out repairs to the property. Travel costs unless the journey is undertaken wholly and exclusively for…
Any tax relief for new start up companies ? If you have started a new company, you may be able to apply for tax relief for start-up companies. This tax relief, also known as Section 486C tax relief, is a reduction of your Corporation Tax (CT) for the first five years you trade. The relief can be…
