Dealing with Tax Returns.

shaz77_2

Hi All,

I currenlty rent out a house I own and potentially within the next two months I will own a second house which I also hope to rent out.

When completing my tax returns at the end of the year is it a good idea to get a professional accountant to do this as this is an area I would not be familiar with?

fengirl_2

if you are unsure, then its best to get a professional.

shaz77_2

fengirl wrote: »

if you are unsure, then its best to get a professional.

Thank you, that is pretty much the advice I have been given, however is this an expensive task? I know prices can vary but what is an average price that an accountant would seek for such work?

ianbond

It is better to get the task completed correctly so it doesnt cost you later on down the line.

fengirl_2

It depends on how good your records are and what your other income consists of. Like everything else in life, you need to contact 2 or 3 to find out what they would charge in your circumstances.

bigfreddiel

shaz77 wrote: »

Hi All,

I currenlty rent out a house I own and potentially within the next two months I will own a second house which I also hope to rent out.

When completing my tax returns at the end of the year is it a good idea to get a professional accountant to do this as this is an area I would not be familiar with?

Do it yourself - its not exactly rocket science!

Just keep accurate records and all receipts

get the additional tax return form for property

call or visit your tax office for help and advice - its free - and they do want to help - for example if you don't know if an expense is tax deductable or not.


fj

orangeslimes

bigfreddiel wrote: »

Do it yourself - its not exactly rocket science!

Just keep accurate records and all receipts

get the additional tax return form for property

call or visit your tax office for help and advice - its free - and they do want to help - for example if you don't know if an expense is tax deductable or not.


fj

Not really. Government tax backs mean that the people you call at the tax line are not necessarily fully trained in tax - they are trained to read information out. Even if they may want to help.

And some parts of the law about rental properties are really complicated.

dori2o

orangeslimes wrote: »

Not really. Government tax backs mean that the people you call at the tax line are not necessarily fully trained in tax - they are trained to read information out. Even if they may want to help.

And some parts of the law about rental properties are really complicated.

Is that correct... work at the tax office do we?

What is written above is complete tripe.

When completing your tax return call the tax office, they will give you the advice you need for free (or the price of a phone call).

shaz77_2

Thanks allot guys, one thing I am unsure about is that I bought my house at the end of 2009, can I offset solicitor costs and mortgage setup fees?

bigfreddiel

orangeslimes wrote: »

Not really. Government tax backs mean that the people you call at the tax line are not necessarily fully trained in tax - they are trained to read information out. Even if they may want to help.

And some parts of the law about rental properties are really complicated.

I agree with the last post - this guy here s talking tripe - its not complicated, its not even really complicated, and what does the "Government tax backs ........." sentence mean - its garbage!

Just answer th questions on the form, anything you need clarifying call or visit your local tax office - its not brain surgery - its "simples"!

steevp

My OH rents out her house and pays a local friendly accountant about £250 for doing her return once a year. She thinks it is well worth it just for the peace of mind but then there are all the things that she didn't know (and could claim for)