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Property Income Allowance

The Property Income Allowance is a flat £1,000 tax-free allowance that you can use to pay less tax on your rental income.

What you need to remember about the Property Income Allowance:

  • if what you earn from renting out a property is under £1,000 per year, you don’t even need to declare this income
  • you can also use it if your rental expenses are under £1,000
  • if you own the property jointly with a spouse, civil partner, or even a friend, you both get £1,000.

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1. Answer a few simple questions

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Once you’ve signed off your return, your TaxScouts accountant will file your return online with HMRC. That’s it! We told you it was simple.