Buy to Let Northern Ireland....

Old_Git

shaz77 wrote: »

Hi

I have purchased a house and I hope to have it rented out by the end of this month.

Obviously any income I get from this will be eligible to pay tax, however I was wondering if I can claim for the following?

1. Interest on the buy to let mortgage. yes
2. Landlord's Insurance. yes
3. Buy to let mortgage arrangement fee. maybe ?

Thanks in advance.

also costs for furnising ,decoration ,petrol costs .you should notify the tax office within 3 months or you could be liable for a fine .
watch out for the Inland Rev saying you are self employed and need to pay self employed N Insurance ,you dont .

shaz77_2

Old_Git wrote: »

also costs for furnising ,decoration ,petrol costs .you should notify the tax office within 3 months or you could be liable for a fine .
watch out for the Inland Rev saying you are self employed and need to pay self employed N Insurance ,you dont .

Thanks - thats good advice.

Does the Inland Revenue have an email address that I could send questions to, I've done some searching to no avail.

arkonite_babe

We have a similar thread to this already, so I'll merge them to keep all info together

System

Old_Git wrote: »

also costs for furnising ,decoration ,petrol costs .you should notify the tax office within 3 months or you could be liable for a fine .
watch out for the Inland Rev saying you are self employed and need to pay self employed N Insurance ,you dont .

The only lettings in N Ireland that fall within the self-employed category as far as I know are "Conacre" lettings where landowners let out land for crops.

Every other type of rental income falls under "income from land and property" and HMRC should know which is which when deciding to send out the relevant supplementary page in your tax return.

HMRC don't have an email address but I've attached links to the Land and Property page and the help notes which go with it to show the sort of things you can offset against the rental income.

http://www.hmrc.gov.uk/forms/sa105.pdf

http://www.hmrc.gov.uk/worksheets/sa105-notes.pdf

You can also make an appointment at your local HMRC enquiry centre if you need advice but if you don't have an 08/09 tax return to complete it would be best to leave it until after 31st January 2010 as the enquiry centres are busy with people trying to file at the last minute.