self assessment tax return for rental income

slickytape

Hey guys,

Just submitting my tax return for my rental income for 2015/16 as my deadline is end of this month.

First time doing this so can do with some help.:mad:

The property went on rent Nov 2015 so my question is when declaring expenses such as mortgage interest do I just declare the interest paid from nov15 to march16 or is it for the full financial yr?:o

Many thanks in advance,

j

Pennywise

What you were doing with the property for the earlier part of the year when it wasn't being rented out?

slickytape

hi pennywise,

i was living in the property before it was rented. Thanks.

Pennywise

slickytape wrote: »

hi pennywise,

i was living in the property before it was rented. Thanks.

Then, no you can't claim any expenses at all during the period in which you lived in it. Only those relating to the period after you moved out and put a tenant in.

chrismac1

On the plus side, having lived in it for a while can make a tremendous difference to your capital gains tax bill when you sell it.

Cook_County

slickytape wrote: »

Hey guys,

Just submitting my tax return for my rental income for 2015/16 as my deadline is end of this month.

First time doing this so can do with some help.:mad:

The property went on rent Nov 2015 so my question is when declaring expenses such as mortgage interest do I just declare the interest paid from nov15 to march16 or is it for the full financial yr?:o

Many thanks in advance,

j

It's not really the interest paid either...you'll be preparing your calculations of profit & loss using accounting principles.

Heedtheadvice

^^^ yes! Lots of info on web from hmrc and independent sources. For starters read http://www.which.co.uk/money/tax/income-tax/guides/tax-on-property-and-rental-income/how-rental-income-is-taxed
Then a search on tax and property income will give loads of results to gen up on. You could have a lot of expenses that you can use as deductions and start up costs that benefit you in regards to tax in the longer term.