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Accountant required or not? What can I claim for on rental property?
barneybeagle
Posts: 138 Forumite
Hello everyone,
I have rented out a house (no mortgage on the property) since March 2011. Prior to the tenants moving in I paid for redecoration, new carpets throughout, gas, elec, fire place/boiler inspections, new alarm system on the property and a few other odds and sods of which I have kept all of my receipts.
The rent is £550 per month and the rental agency takes approx £75 per month. I am also a 40% tax payer.
I am a PAYE employee so my tax affairs in the past have always been simple. Now with receiving an income on my other property I would like to know what I can claim for (Is there a hidden list somewhere)? Can I claim for all of the above that I have listed?
Or should I really get an accountant to sort out my tax affairs? If possible any pointers on where I put what where on the tax form would be appreciated as I am ready to do my 2010-2011 tax form.
In the future I am looking to go alone and do away with the rental agency as I feel they are getting money for nothing. I also think I should be able to sort out my own tax affairs properly without the need for an accountant, but advice on this would be appreciated.
Any assistance or comments on the above are really appreciated, especially on what exactly I can claim for to offset my tax.
Thankyou in advance
Cheers
bb
I have rented out a house (no mortgage on the property) since March 2011. Prior to the tenants moving in I paid for redecoration, new carpets throughout, gas, elec, fire place/boiler inspections, new alarm system on the property and a few other odds and sods of which I have kept all of my receipts.
The rent is £550 per month and the rental agency takes approx £75 per month. I am also a 40% tax payer.
I am a PAYE employee so my tax affairs in the past have always been simple. Now with receiving an income on my other property I would like to know what I can claim for (Is there a hidden list somewhere)? Can I claim for all of the above that I have listed?
Or should I really get an accountant to sort out my tax affairs? If possible any pointers on where I put what where on the tax form would be appreciated as I am ready to do my 2010-2011 tax form.
In the future I am looking to go alone and do away with the rental agency as I feel they are getting money for nothing. I also think I should be able to sort out my own tax affairs properly without the need for an accountant, but advice on this would be appreciated.
Any assistance or comments on the above are really appreciated, especially on what exactly I can claim for to offset my tax.
Thankyou in advance
Cheers
bb
0
Comments
-
get a specialist accountant to sort everything out
to risky to try and do it all by yourself any mistake could be quite large and costly to youThe only people I have to answer to are my beautiful babies aged 8 and 50
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