| Tax on rental business profits: |
| Unincorporated |
income tax rates - 10/22/40% |
| Incorporated |
corporation tax rates - 19/30/32.75% |
| Tax on chargeable gain on disposal: |
| Unincorporated |
taxed as top slice of income tax |
| Incorporated |
corporation tax rates |
| VAT not mandatory where personally owned - for limited companies please ask for advice |
| Maximum letting exemption relief |
£40,000 |
| Landlord's energy saving allowance: |
From 6 April 2007 |
| Maximum claim for income tax payers |
£1,500 |
| Maximum claim for corporate landlords |
£1,500 |
| Basis claimable |
Claim per property |
| The availability of this claim is to be extended to 2015 |
| UK Furnished holiday lettings (FHL): |
| Must be available for commercial letting for at least |
140 days p.a. |
| Be let for at least |
70 days p.a. |
| Not be let continuously in a seven month period for more than |
31 days |
| Please contact us to discuss the advantages and disadvantages of FHL |
| Rent a room scheme income exemption |
£4,250 |
| Note: annual profits are not subject to national insurance |