Self Assement for Flat Rental

decker27

I am working my way through the HMRC self assement form and I am at the 'UK Interest' section and don't understand exactly what this relates to, can anybody help?

Thanks in advance

theartfullodger

Are you looking at sa105 pages?? - if so please give box number for the question.
http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?record=OSWvtKIMh2c&formid=3187

I think you are being asked what interest you have received on bank & bldg society accounts - nothing to do with property matters, but still needs answering:

When did you 1st start renting out property?? Read any books on property tax??

Don't forget all those boot sales & ebay income!

decker27

No I was working my way through the online self assessment form and had tried to call HMRC for advise but was on hold for around 30mins so gave up.

The section states:

You have said that you received UK interest in the tax year 2013-14. Please complete the following questions.

The answer to these questions can be found in your statement from the interest payer.

The Taxed UK interest worksheet will calculate the amount of interest and will be helpful if you have more than one account.

Taxed UK interest etc. Enter net amount after tax has been taken off:£ Help about: Taxed UK interest etc. the net amount after tax has been taken off - opens in a new window
The Untaxed UK interest worksheet will calculate the amount of untaxed interest and will be helpful if you have more than one account.

Untaxed UK interest etc (amounts which have not been taxed). Enter total amount:£

So does this relate to all bank accounts, just savings accounts, just the account that money earned from a property is paid into, joint accounts, etc?

First started renting the property in Jan so this is our first self assessment

booksurr

decker27 wrote: »

So does this relate to all bank accounts, just savings accounts, just the account that money earned from a property is paid into, joint accounts, etc?

it relates to the total of any interest payments you have received, that may or may not "just" be those you list

your tax return must list all your income you received that tax year from any and every source you have. Typically that will be at least the following:
- gross salary and tax paid per your earned income
- rental income and rental costs
- (gross) interest paid on any money you have in savings accounts etc
- (gross) dividend income received

decker27 wrote: »

First started renting the property in Jan so this is our first self assessment

is that "our" in the same sense as the royal "we" or do you actually mean there are 2 people involved in the letting business?
If yes then the income must be split between you, how it is split depends on whether you are married or not. Each of you will then have to do your own tax return independently of the other person

martindow

Right at the start of the SA you are given a list of sources of income where you choose the appropriate ones. I think this is nothing to do with your rental income.

Each savings account should be able to supply you with the interest paid and tax deducted during the tax year. Add them all up and put the totals in the boxes. The site will round the pence up or down as appropriate. If you have ISAs you don't include them.