Tax return

antbann

Hi

I'm looking for some one to do my end of year 2016. I rent a house out and need to do a tax return I loose around £120 a month with everything I pay. But been advised I need to donabtax return but never done one and just need to get someone to do this and how much it will be?

Nearlyold

Have you already informed HMRC that you let out a property? Are you Employed or Self Employed? Does your rental property make a profit?

antbann

Hi

No I haven't let the hmrc know as don't know where to start. No my property doesn't make any profit I loose £120 per month as I have to pay more interest as it's consent to lease. I'm on PAYE and work full time basic rate tax payer. The house is a house I use to have with my ex wife and can't sell the house so I'm stuck with it ��

Pennywise

Remember it's only the interest part of the mortgage that's allowable against the income, not the capital part, so there's every likelihood you do have a taxable profit even if you have a cash deficit.

This is bread & butter work for any accounting practice, large or small. Just phone around a few close to you and choose which one suits you best (not the cheapest - that can be false economy).