A relevant person with property income and profits of which are chargeable to income tax under Part 3 of ITTOIA 2005 (property income)
A relevant person with property income must provide the following update information in each quarterly update period:
quarterly update period start date
quarterly update period end date
totals of the amounts falling within property income and expenses set out in the following tables:
2.1 UK property – non-UK furnished holiday letting (FHL)
Property income (non-UK FHL) Property expenses (allowable and disallowable)
Total rent Rent, rates, insurance and ground rents
Other income from property Property repairs and maintenance
Premiums for the grant of a lease Non-residential property finance costs
Reverse premiums and inducements Residential property finance costs
Residential finance costs brought forward
Legal, management and other professional fees
Costs of services provided, including wages
Travel expenses
Other allowable property expenses
Consolidated expenses
2.2 Foreign property (not European Economic Area (EEA) FHL)
Foreign property income Foreign property expenses (allowable and disallowable)
Total rents Rent, rates, insurance and ground rents
Other income from property Property repairs and maintenance
Premiums for the grant of a lease Non-residential property finance costs
Residential property finance costs
Unused residential property finance costs brought forward
Legal, management and other professional fees
Costs of services provided, including wages
Travel expenses
Other allowable property expenses
Consolidated expenses
2.3 UK FHL
UK FHL income UK FHL expenses (allowable and disallowable)
Total amount of rent and any income for services provided to tenants Rent, rates, insurance and ground rents
Property repairs and maintenance
Property finance costs
Legal, management and other professional fees
Costs of services provided, including wages
Travel expenses
Other allowable property expenses
Consolidated expenses
2.4 EEA FHL
EEA FHL income EEA FHL expenses (allowable and disallowable)
Total amount of rent and any income for services provided to tenants Rent, rates, insurance and ground rents
Property repairs and maintenance
Property finance costs
Legal, management and other professional fees
Costs of services provided, including wages
Travel expenses
Other allowable property expenses
Consolidated expenses
3. Turnover below the VAT registration threshold
A relevant person with an annual turnover below the VAT registration threshold, as amended from time to time, may choose to provide the total of all income and the total of all expenses instead of the totals of the amounts falling within each category listed in this Update Notice.
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