filling tax return first time... help please!

Poppy_Kennedy

hi

i am filing a tax return for the first time for a property i let out.

I am going to do it online and have just logged on but cannot even find the form!

there is a link to forms but which one do i fill out??

I do have it in paper version also and just looking at that i have a few questions:

1 - i am employed and pay via PAYE - do i JUST fill out the property section and that is all?? if so that seems pretty straight forward, its the other pages that are a mind boggle for me!

Or am i supposed to fill out the employment page also even though i have been paying through PAYE for the last 20 years - i dont think i do but wanted to check..

Thank you for any help, i cannot get through to the office!

Poppy

Gertie_Walker

This is a return of ALL your income, so you need to complete the land and property page, the employment page and also the general income part of the form.

Poppy_Kennedy

thanks all

i think an accountant is going to cost more than 100 and i am gaining very little i woudl rather keep my money

thanks everyone - will look at the website

scottn

the accountants fee would also be tax deductable

Poppy_Kennedy

ok thanks.. will look in to it

thing is, i only get about 200 a month profit so doesnt seem worth getting an accountant, surely it cant be that hard doing it myself no??

chrismac1

It depends how much your time is worth. Based on your post you appear to have little experience so far of accounts or the tax system. Now is not a great time to start with HMRC in total chaos. So by yourself if you do this properly it's going to take you 5 hours I reckon. For a 117.50 saving that is £23.50 per hour, with the risk you might have messed something up. I'd say there's a good chance a decent accountant will save you half or all of that in lower tax, unless you're a very fast learner.

kickwhamstunner

scottn wrote: »

the accountants fee would also be tax deductable

No it wouldn't.

chrismac1

yes it would be deductible - per Direct Gov and also the HMRC site! :

Allowable expenses

The expenses you can deduct from letting income (unless it's under the Rent a Room scheme) include:

• letting agent's fees
• legal fees for lets of a year or less, or for renewing a lease for less than 50 years
• accountant's fees
• buildings and contents insurance
• interest on property loans
• maintenance and repairs to the property (but not improvements)
• utility bills (like gas, water, electricity)
• rent, ground rent, service charges
• Council Tax
• services you pay for, like cleaning or gardening
• other direct costs of letting the property, like phone calls, stationery, advertising

Gertie_Walker

Only the part of the fee relating to the rental accounts is tax deductable, not the part relating to completion of the SA.

Poppy_Kennedy

thanks all - 5 hours, really???

thats a long time.. i had no idea, i think i have a fair understanding i just couldnt find the form to even start with which is obviously making me out to be a bit dim...

i think an accountant in my area (LOndon) is gonna be more expensive than you stated but i will ring around - thanks for your advice