Self Assessment Newbie

freddykrueger

Last year I had to complete a self assessment as I did a lot of mileage with my work and apart from a petrol card they didn't give me anything else so I went through HMRC to claim tax relief on mileage. This had the net effect of increasing my tax code for the year 11/12 as well as getting a small cheque - however this year 11/12 I have done a lot less mileage and I accept that I will owe tax as my tax code had been adjusted accordingly.

However I now also have rental income (for years 11/12 only a few months) and have declared this.

Couple of questions though.....my rental property is part interest only part repayment but I can't find on the documentation anywhere what proprtion of the monthly payment is the figure that I need to put into self assessment - can anyone help with this? Also I have put in insurance for the property but can you enter other things such as the expense for British Gas Homecare or gas safety certificate etc (which is included as part of my homecare agreement)?

I hope the above makes some sense and more than happy to provide figures.

pjclar02

Hello there

You can claim for gas safety certificates and British gas homecare, along with any other expenses that relate specifically to the property (repairs, redecorating, agency fees etc).

You can only claim the interest element of the mortgage, so I would suggest you contact the mortgage provider and ask them for a statement / breakdown.

If the property is furnished you can also claim wear and tear allowance.

freddykrueger

Thanks for the reply - can I assume that I can included the EPC we well? I currently have Homecare 400 for the rental property so I can claim this payment back - is that right?

bartnwood

Hello freddykrueger,

Yes you can claim for the Energy Performance Certificate.

In an earlier post you mentioned that your rental income commenced during 2011/12 tax year so just in case you are not sure you must ensure that any expenses claimed are purely associated with your rental business and that no element of personal use is claimed.

Eg. If the property before being let was occupied by yourself and the property insurance taken out related to say the period Apr 11 - Mar 12 but your rental income commenced only in Jan 12 then you must pro rata your expense claim to only include the period Jan-Mar 12 and not the full year.