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Property Income and Investment Income

Jim bought a property in 2017 that he rented out, receiving £6,000 annual rent paid either quarterly in advance, quarterly in arrears, or annually in advance. He incurred allowable expenses of £300 for redecoration in November 2017 and £500 for repairs in May 2018 which were completed in March 2018. The document appears to provide information to calculate Jim's property income for tax assessment purposes in 2017/18.

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Sunitha Ram
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23 views4 pages

Property Income and Investment Income

Jim bought a property in 2017 that he rented out, receiving £6,000 annual rent paid either quarterly in advance, quarterly in arrears, or annually in advance. He incurred allowable expenses of £300 for redecoration in November 2017 and £500 for repairs in May 2018 which were completed in March 2018. The document appears to provide information to calculate Jim's property income for tax assessment purposes in 2017/18.

Uploaded by

Sunitha Ram
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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MODULE 3

PROPERTY INCOME AND INVESTMENT INCOME

1. Jim bought a property and rented it out for the first time on 1 July 2017. The rent of £6,000 per
annum is paid alternatively (1) quarterly in advance (2) quarterly in arrears, or (3) annually in
advance. He paid allowable expenses of £300 in November 2017 for redecoration and £500 in
May 2018 for repairs completed in March 2018.
Calculate the Property Income assessment for 2017/18.

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