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filling in self assement forms
ash468
Posts: 1 Newbie
in Cutting tax
I am just starting to fill out my self assesment forms. I have a buy to let property which is managed by an agency. Out of the monthly rental income , they take off their fee and VAT. When I fill out the income received from the tenants do I just use the figure minus the above fees or do I include the VAT in this figure?
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Comments
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You need a tax accountant. It is much more complicated than that. You get involved in depreciation figures and many other things which you would only know about if you were knowledgeable about such things. From your question you are not.0
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To answer your specific question you should enter the rents receivable at the gross figure. Then show the agent's fees separately under Legal and Professional Fees and include the VAT in that figure.If it’s not important to you, don’t consume it0
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