Property income

It is possible to enter several income amounts for each property but there is no requirement to enter more than a single set of totals. There is a shortened income menu for rent-a-room schemes.

• Description - enter a description of the income received, this is for information purposes only.
• Rent - enter the total rent received from this property,for a premium on lease enter the whole premium. IRIS will compute the taxable portion by this formula: rent - (rent x (term - 1) / 50).
• Private use - if any of the expenses claimed are partly for private use, enter the private use element here as this amount is not tax deductible.
• Balancing charge - if an asset has been sold, given away or is no longer used in the business, a balancing charge may arise. Enter the amount here. The Revenue have a help sheet which gives more details about capital allowances in a rental business.
• Other income - the other income slot is provided for:
• • Reverse premiums where a landlord has paid the taxpayer money to encourage the purchase of a lease.
  • Non-rental income that should be excluded for furnished lettings rent when computing a 10% wear and tear allowance.
  • Receipts from wayleaves.
  • Rental income received by a landlord whose usual place of abode is outside the UK.
  • Do not enter any amounts of tax paid under assessment or on account.

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