As per title...!
I have to fill in my first tax return and i am well out of my depth...!
Anyone good at this sort of shizzle..?
Thanks
Crash
As per title...!
I have to fill in my first tax return and i am well out of my depth...!
Anyone good at this sort of shizzle..?
Thanks
Crash
I'm not but if anyone knows what you can claim without receipts (clothing etc) would appreciate it!
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Dunno, my accountant does it for me.
Call the Tax office - I have read that they are very good at talking you through it.
Ive just filed my first tax return too, the last 2 years I had an accountant. It's easy enough to be honest, it guides you through it all. I did get a bit of help from an accountant friend but most of it was straightforward
I love DF...!
I have just started filling it in so please stay near a computer...!
my account claims the following for me
£5 per day food and drink whist at work, so £25 * 52
£5 per day for house utilitys so £25 *52
75% or all mobile phone/car costs for the year, allowing 25% for personal use.
any parking charges
any tools
any materials
Just what I was wondering too.
I'm due my first ever tax return soon, sorry to jump in but does anyone know what I can claim for whilst renting out my house, It's all done through a letting agent so it should be relatively straight forward but as I've not had the return yet I'm getting nervous as to how difficult it'll be.
Life is like a pubic hair on a toilet seat, sooner or later you get pissed off.
To be honest I dont know when it'll need doing, I phoned the tax office last year (been letting the house since July 2010) to let them know what I was doing and they said they'd send me a tax return next year, 2011, I assumed it would be April time as that's usually year end isn't it?
Never had to deal with the tax office before as I've always been PAYE
Any advice or pointers would be extremely welcome.
Life is like a pubic hair on a toilet seat, sooner or later you get pissed off.
you should get a self assessment return posted by now or a least a reminder to file one. Tax year ends 5th April 2011. If you dont get one ring them again. If your taxable income from property is under £2,500 your Tax Office may be able to collect any tax you owe through PAYE (Pay As You Earn) if you already pay tax this way. Income minus expenses will determine your net profit from renting the property, if its furnished then other expenses can be claimed, wear and tear, repairs etc. This is a good place to start reading up http://www.direct.gov.uk/en/MoneyTax...ome/DG_4017814
Mortgage interest (not the full payment, just interest) can be claimed as an expense on rental properties if you have a mortgage
Some useful info here:
http://www.taxfix.co.uk/forum/articl...y-owners.html#
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Anything applicable to the house, some to get you going:
Mortgage interest
Insurance
Gas/Elec safety certificates
Agents fees
Repairs
Accountants fees (for completing tax return)
Gas/elec/water etc during empty periods
Ground rent
Mileage at £0.40ppm for inspections and any running around doing repairs etc.
Thanks for all the info, thats given me something to start with, I'll give the tax office a ring to see what's happening.
Most of the stuff is handled by the letting agent and they deduct expenses like gas safe certificate and minor repairs from my rental income at source so I assume it should be relatively straight forward doing the sums.
Life is like a pubic hair on a toilet seat, sooner or later you get pissed off.
A good accountant should save you enough to make it worthwhile.
Where are you based m8?
im not an accountant , but im sure as self employed you cant claim on your food ? unless your travelling
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