With reference to letting property Expenses incurred wholly and exclusively in connection with the rental business are deductible when calculating net taxable profits, provided they are not capital in nature.

During major sporting events such as The Open or Commonwealth Games, many people looked to boost their income by renting property to spectators and so on. So why might these people receive a letter from HMRC? Lauren Herbert advises. A sporting event held over several days is a great opportunity to utilise spare rooms or...