where do you declare a loss from rental income on SA?

MoneySavingMission

Hello
I'm doing a SA for the first time as I now have rental income. For various reasons this needs to be declared as an overall loss taking account of income v expenditure.
Does the SA template allow for this easily? Which boxes do i have to populate?
thanks

ic

Remember that any capital repayments on a mortgage you have on the rental property do not count as a cost, only the interest you've paid. I.e. you may not have made money in your pocket, but as the amount owed on the mortgage is reducing, you own a bit more of the house outright - that is your profit on which you will still be taxed.

I'm sorry I don't have a self assessment form in front of me, but there is a box you tick at the start to say that you rent out/make money from property. Tick that, and you'll then be prompted for details about the property - including income from the tenants, and any charges for maintenance, insurance, management fees, loan interest, etc.

somethingcorporate

It's very straight-forward as you work through the form.

There is a place it prompts you for income and then expenses (at quite a high level). It will calculate your profit/loss for you (assuming it's online and given the time of year I suspect it is).

Dave_the_Ginger_Cat

You'll also be able to carry forward losses into a number of subsequent years to offset against future profit

zygurat789

MoneySavingMission wrote: »

Hello
I'm doing a SA for the first time as I now have rental income. For various reasons this needs to be declared as an overall loss taking account of income v expenditure.
Does the SA template allow for this easily? Which boxes do i have to populate?
thanks

HMRC set the rules which say you will tell us all your rental income and you will tell us all your rental expenses.
HMRC will then take one from t'other and tell you if you have made a profit or loss.