tax credits renewal form (declare rental income)?

Euphoria1z

hi

id like to know if you have to declare any rental income from property on your child tax credit renewal form? and if so, do you put in the gross rental income or the profit/loss that you put on the tax self assesment form?
and also does this have any affect on the amount of tax credits that you get?

basically my gross rental income is 11k, but after taking away expenses its virtually zero, so would i put 11k or zero?

thanks

Euphoria1z

any one know? ive spoken to 2 people over the phone, both were unsure, one said gross rental, other said profit after expenses.

im going to put down profit (or rather lack off) as opposed to gross.
but would still like clarifaction

thanks

terryw

Euphoria1z wrote: »

any one know? ive spoken to 2 people over the phone, both were unsure, one said gross rental, other said profit after expenses.

im going to put down profit (or rather lack off) as opposed to gross.
but would still like clarifaction

thanks

It is the taxable profit for income tax purposes. Remember that the mortgage payments are not deducted just the interest charged.

terryw

Emma1973

According to the CPAG Welfare Benefits books there are incomes that count. this includes income from property. It states:

The capital value of the property is ignored, but rental income from the property is taken into account unless it is exempt from tax under the 'rent-a-room' scheme.

If you rent out a propert that you do not live in yourself, the amount of rent taken into account is the same as that agrred for income tax. You can deduct from the rent received, expenses exclusively incurred in running the property, e,g repairs, council tax (if you are liable), water charges, insurance premiums and mortgage interest (but not capital repayments of a mortgage). You can offset any losses against property income in the following tax year.
The first £300 is ignored from the total of your property income.

So take off the expenses incurred as listed above, and put that amount down, there should be another box in which you can take the £300 off as well.

surfsister

I helped relative fill in the form recently and there was a clear form explaining where to put rental income and it said to deduct £300 off plus expenses you must have got one too? It must be declared I'm afraid.

Euphoria1z

thanks for clearing this up guys. just wasnt sure whether it was the gross figure (before taking expenses off) or profit/loss figure after taking expenses off....my profit is virtually nill, so thats what ill put down as i have in the tax return.

thanks again.