Simon owns an apartment which he lets to tenants. The apartment was let throughout tax year 2020-21
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Simon owns an apartment which he lets to tenants. The apartment was let throughout tax year 2020-21 and rents received during the year were £16,640. The expenses incurred by Simon in relation to this apartment during 2020-21 were as follows:
The new refrigerator is very similar in all respects to the old one which was provided at a cost of £270 several years previously and has now been scrapped. Costs of £10 were incurred in order to transport the old refrigerator to the local recycling centre.
Compute Simon's property income for 2020-21 and explain how this computation would differ if the tax year concerned was 2019-20 instead of 2020-21.
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Rents received Less Advertising costs Repairs and maintenance Insurance costs Replacement of refri...View the full answer
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