Self Assessment Tax return on multiple rental properties

lolapalola

Hi,

I am collating information for my Self Assessment for several rented properties.

My Accountant says the properties are taxed individually and not as a company. this means I have to laboriously allocate every transaction against each property. ie car parking costs, petrol, furniture, etc.

Surely, a plumber would not be taxed individually for every project completed.

I do not understand the difference.

Also can the profit of one property be offset against another with a loss.

Thanking you for your advice.

Hoploz

We normally put all of ours together, as it is collectively your income! As you point out, you can offset one gain against another loss.

However, I can see that each property probably needs to have its own expenses list, as this would be taken into account to work out the profit or loss on each, the total of which is then your income for your SA.

theartfullodger

Why have you left it this late?

Read the notes to and the 2 pages of sa105 (I think that's the property pages return)

silvercar

My Accountant says the properties are taxed individually and not as a company. this means I have to laboriously allocate every transaction against each property. ie car parking costs, petrol, furniture, etc.

Provided they are all in the UK (or within the EU and subject to other requirements) you can put them together.

MisterB1959

an advantage of actually working them out separately (even though they can be 'lumped' together later) is that you get an idea of which property is costing more than the others and then try to identify why and see if you can reduce your costs. see it as a way of managing fully and not purely for tax return purposes.