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Rental income question
m1ntie
Posts: 331 Forumite
in Cutting tax
Hi, I have for the past 8 years let out a couple of rooms in my house and declared the income on SA, using the Rent a Room Scheme.
Last September, I moved in with my partner and decided to let the house on a short hold tenancy agreement, as I was unable to sell due to a proposed new Motorway Junction blighting the property.
I am now thinking about my tax return for the 2014/15 tax year, and am not sure how to proceed, as I had approx 6 months as an owner occupier with lodgers and 6 months as a SHT.
I think I will have to prepare accounts for the whole year, but how do I treat the house expenses for the period that I was living at the property? Do I apportion a percentage of the household running costs, such as heating, Council Tax etc, as allowable expenses? If so how do I apportion it? Do I need an accountant? I would be grateful for any suggestions.
Regards Robert
Last September, I moved in with my partner and decided to let the house on a short hold tenancy agreement, as I was unable to sell due to a proposed new Motorway Junction blighting the property.
I am now thinking about my tax return for the 2014/15 tax year, and am not sure how to proceed, as I had approx 6 months as an owner occupier with lodgers and 6 months as a SHT.
I think I will have to prepare accounts for the whole year, but how do I treat the house expenses for the period that I was living at the property? Do I apportion a percentage of the household running costs, such as heating, Council Tax etc, as allowable expenses? If so how do I apportion it? Do I need an accountant? I would be grateful for any suggestions.
Regards Robert
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