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Landlord Tax Return

Hi

I am a very new landlord, and about to fill in my very first SA for my btl rental income.

I have read many article a lot on Internet, but still haven’t decide whether I should use Tax specialist or not.

Could any experienced landlords let me have any valuable advice please?

Also any recommendation of good tax agent please?
Many thanks in advance!! :j
«1

Comments

  • Old_Git
    Old_Git Posts: 4,751 Forumite
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Cashback Cashier
    get an accountant for the first few years .just phone a few and ask for a quote .Your return needs to be done before the end of January so you need to get a move on .
    "Do not regret growing older, it's a privilege denied to many"
  • booksurr
    booksurr Posts: 3,700 Forumite
    if you have "read many articles" but are still asking how to do it then obviously you cannot do it yourself as the valuable advice explaining what to do will be no different to what you have already read

    so get an accountant to do it for you, as to who to use London is a big place full of accountants!
  • ACG
    ACG Posts: 24,232 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I put this together with my accountant for my clients.

    http://manchestermortgagebroker.co.uk/data/uploads/tax-document-final-09-2014.pdf - it might be of use?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • It's a fairly straight forward process isn't it, i.e. entering the rent received and the expenses paid out? Presumably you've kept a record of those along with the receipts for expenses should they be required? Remember on a BTL mortgage only the interest can be claimed as an expense, not the full repayment amount.
  • kinger101
    kinger101 Posts: 6,521 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    If don't know how to complete the return, use an accountant or chartered tax consultant this year. You might decide it's something you can do yourself in subsequent years, but for now, I think you're probably gonna get something wrong if it hasn't sunk in by now.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • Why not try to do it yourself online and see how you get on?

    https://www.gov.uk/self-assessment-tax-returns/overview

    Is there a particular reason you think you'd need a tax specialist?
  • booksurr
    booksurr Posts: 3,700 Forumite
    edited 13 December 2014 am31 1:10AM
    ACG wrote: »
    I put this together with my accountant for my clients.

    http://manchestermortgagebroker.co.uk/data/uploads/tax-document-final-09-2014.pdf - it might be of use?
    I would question your statement "you can also claim for repairing or replacing damaged furniture"

    I disagree with the use of the word "also" in respect of claiming for repair/replacement, if you have chosen to use the W&T basis you cannot chop and change so you cannot also claim a replacement cost, whether the item is damaged or not

    there is also the small matter that HMRC are trying to change the rules to remove any entitlement to the replacement basis at all. Whilst they have not yet got a statutory basis for this, their assertion that wef April 2013 the renewals basis is no longer valid shows the lie of the land and should not be ignored unless you want to be the test case establishing if they currently have the right to make such a policy change
  • Perhaps:

    "You can claim for wear and tear depreciation. Typically this is 10% of the property's rental income.

    You can alternatively, but not as well as, claim for repairing or replacing damaged furniture".
    Mornië utulië
  • Old_Git
    Old_Git Posts: 4,751 Forumite
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Cashback Cashier
    Perhaps:

    "You can claim for wear and tear depreciation. Typically this is 10% of the property's rental income.

    You can alternatively, but not as well as, claim for repairing or replacing damaged furniture".
    but can you do this on a first rental
    "Do not regret growing older, it's a privilege denied to many"
  • Kynthia
    Kynthia Posts: 5,690 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    If you only have one property then have a go filling in the form and see how you go. Leave plenty of time to do it and realise that the questions are designed to cover all scenarios so don't worry if you initially don't understand every one. When you get stuck do a bit of research and you should be fine, and then it gets easier every year.
    Don't listen to me, I'm no expert!
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