Anyone good with Tax Returns...?

[crashtestmac]

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

[cbrookes]

I'm not but if anyone knows what you can claim without receipts (clothing etc) would appreciate it!

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[ZX7R]

Dunno, my accountant does it for me.

Call the Tax office - I have read that they are very good at talking you through it.

[dannyboy]

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

[cybollox]

Whats your problems mate, i''ll give you some help as its what i do for a living.

[crashtestmac]

I love DF...!

I have just started filling it in so please stay near a computer...!

[lukese]

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

[legolamb]

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.

[blacksheep]

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

you don't take any holidays and are never sick?

[cybollox]

when u say tax return soon? Last years had to be filed by jan31st 2011, this years only by October 2011 on paper or January 2012 online.
So I'd say u got plenty of time to sort it

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.

[legolamb]

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.

[cybollox]

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

[hxbro]

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#

[hoponbaby]

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.

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.

[legolamb]

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.

[Over Carl]

A good accountant should save you enough to make it worthwhile.

[legolamb]

A good accountant should save you enough to make it worthwhile.

Must admit I was thinking of going down that road, just got to find one

[hoponbaby]

Where are you based m8?

[legolamb]

Where are you based m8?

Sunny Cannock, Staffordshire.

[ib345t]

im not an accountant , but im sure as self employed you cant claim on your food ? unless your travelling