From 6 April 2027, the government will create separate tax rates for property income on Unincorporated landlords. The income tax rates for property income will be 22% for basic rate, 42% for higher rate and 47% for additional rate. Finance costs, such as mortgage interest, will be relieved at 22% as a tax credit. The […]
The UK offers two special allowances that can simplify your tax return: the trading allowance and the property income allowance. Each provides up to £1,000 of tax-free income, making them ideal for people with small amounts of extra income. The Trading Income Allowance The Property Income Allowance The Rent a Room Allowance This is a […]