How Do you Complete Expenses for Letting a Property?

heather89

Hello,

I am just buying a flat to to let out for the first time. I know that I am able to deduct certain expenses such as interest on a mortgage, repairs and service charge however I cannot find how I actually go about recording this and sending it to HMRC.

Please could someone help point me in the right direction? Is this something I can do myself or do I need an accountant to do this for me?

Thanks
Heather

Tixy

You can record it in many different ways. Common ones are a simple spreadsheet, a cash book, or even just a notebook. Online apps are another option.

Typically you might record the date, the amount paid, who you paid, for what, and how you paid. And then keep a file of all invoices/receipts/mortgage statements etc.

This information then becomes part of your self assessment tax return completed each year.

You can do this yourself and its relatively straight forward, though some people do choose to use an accountant.

The records you keep are not usually seen by HMRC, but you need to keep them all (for at least 6 years) in case they request/investigate your tax return at any point.

Tassotti

You need to register for self-assessment and send a tax return annually

https://www.gov.uk/register-for-self-assessment/overview

Personally, I would get an accountant. Shouldn't be expensive for a sole trader