Self assessment

ellesbellesxxx

Hi
Wasn't quite sure where to post this.. we have just sold my husband's flat yay.. had a tenant in so currently doing 2016-2017 self assessment.
We only received income from it until December so profit wise only made £700 above mortgage and costs.

The thing that is confusing me is that my husband paid off his student loan in the last tax year... last summer. So when it asks do you have a student loan I originally ticked "no" and wrote that it had been paid off. The tax we would pay is about £70 for the year in this instance. However on his p60it says they took £x amount out of his wages.. so I went back in to say "yes" and how much... the tax calculation then came up as £900!!!!!!!!!!
I am just unsure what option to click as it has now been paid so technically no he does not have a loan..yet don't want to pay any more.. they already need to pay back some of the student loan money. Plus there is a huge difference between £70 and £900!
Equally presumably we need to declare how much he paid out of his wages this tax year.. although it's not going to be accurate?
Many thanks .. hope this makes sense!

Dazed_and_confused

Have never had a student loan so don't know much about that but there is info here,

https://www.gov.uk/guidance/tell-hmrc-about-a-student-loan-in-your-tax-return

"mortgage" is not an allowable expense when calculating the profits from letting a property.

shanea810

Hi,

I was wondering if anyone could help, I was sorting out my receipts today to keep on top of my tax return expenses and have noticed I am missing a business expense receipt.

Its not much of a big expense so I was wondering, could I put this as a personal expense so which I dont have to add as a business expense, sounds stupid and quite simple but I am quite new to being self employed.

Many thanks in advance,

Shane

ellesbellesxxx

Thank you.. sorry dazed and confused you are absolutely right, I mean after the interest component
Thanks for the link.

Shane I am sorry but I don't know.. it might be worth you doing your own thread so people in the know can respond?