Tx notes fa22 Final

 
You are required to calculate Peter’s Property Income assessment for the tax year 2022/23.


Carpets and curtains
£1,500
Fridge
£320
Washing machine
£240

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6. Matthew 
Matthew owns three cottages that have no mortgages on them and that are let out. For the tax year 
2022/23 the rent and allowable deductions for each cottage were as follows:
All the cottages are let unfurnished.
Calculate Matthew’s Property loss for the tax year 2022/23 and discuss the options for its use. 
Advise on the tax implications if Cottage 1 was mortgaged, on which Matthew paid £5,000 
interest in 2022/23 which figure is included in the deductions of £7,500.
7. Charlie 
Charlie lets out a room in his residence to a lodger. The lodger pays rent of £100 per week 
throughout 2022/23, and the total allowable expenses are £6,100 
Charlie had elected for rent a room relief to apply from 2020/21.
Advise Charlie whether or not he should withdraw the election. 
Rent Deductions
£
£
Cottage 1
5,000
7,500
Cottage 2
4,000
2,000
Cottage 3
1,500
4,500

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