Ursula owns a flat which was let to a tenant throughout tax year 2023-24. Rents received during
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Ursula owns a flat which was let to a tenant throughout tax year 2023-24. Rents received during the year were £10,500.
Expenditure during the year was as follows:
The new sofa is superior to the sofa it replaced (and which was scrapped). It would have cost only £399 to have bought a new sofa which was equivalent in quality to the old one. Compute property income for 2023-24 (assuming no election for the accruals basis).
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