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.
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.
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.
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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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.
