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Tax in letting out property?
Grz.26
Posts: 317 Forumite
Does anyone know what I can claim back for as I am renting out my flat for the 1st time with regards to tax? Do I need an accountant to do this for me? And Would it be worth my while? Is it easy? I am all new to this, so anyhelp would be appreciated.
Kind Regards
Grz.
Kind Regards
Grz.
0
Comments
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Does anyone know what I can claim back for as I am renting out my flat for the 1st time with regards to tax? Do I need an accountant to do this for me? And Would it be worth my while? Is it easy? I am all new to this, so anyhelp would be appreciated.
Kind Regards
Grz.
If you're that new, it's not just tax to consider. See thread here for source sggestions.0 -
If you're just doing Self Assessment (which I imagine you'd have to) then I wouldn't bother with an accountant. It's pretty straight forward, as long as you can use a computer. I would STRONGLY advise that you do it in good time - once January comes, getting any help from HMRC will involve sitting in a call queue for 20 minutes, with the distinct possibility of getting cut off due to call volumes0
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read IR150 Taxation of Rents - booklet by the tax man - all you need to know0
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If you're just doing Self Assessment (which I imagine you'd have to) then I wouldn't bother with an accountant. It's pretty straight forward, as long as you can use a computer. I would STRONGLY advise that you do it in good time - once January comes, getting any help from HMRC will involve sitting in a call queue for 20 minutes, with the distinct possibility of getting cut off due to call volumes
Just to point out that if you are an overseas LL you need to do your tax return by September (which in reality means soon unless you intend to use an expensive courier to return it).0
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