Working in N. Ireland and letting flat in Scotland - Tax

oldbikebloke

dissstressed said:

GM, is that you?

don't understand ?

Dazed_and_C0nfused

Retired_Mortgage_Adviser said:

Can you not do the Self Assessment online? That takes out the need to make any judgements and there's plenty of help while filling the form to ensure that you get ithe rental income stuff right.

Yes but the blank pages and accompanying notes on gov.uk are usually a good place to start learning.

There are always likely to be judgements to make however a tax return is filed, particularly around allowable expenses etc.

Mr.James_2

I won't be renting it out until the start of the next tax year so I wouldn't be filling the assessment out for another year. I was just trying to figure out how to calculate my tax liability so I'm not running around like a headless chicken in a years time. I haven't been able to find a source of complete info that spells it out in black and white... just snippets of various parts of it. If you can point me in the direction of an up to date first-time landlord guide I will really appreciate that.

Thanks,
J

oldbikebloke

Mr.James_2 said:

.. just snippets of various parts of it. If you can point me in the direction of an up to date first-time landlord guide I will really appreciate that.

read my previous post or go down the library and get book out - there are several available if you google landlord tax for newbies 

Mr.James_2

Sorry, that was a reply to your earlier post. Thanks for the info.

oldbikebloke

Mr.James_2 said:

Sorry, that was a reply to your earlier post. Thanks for the info.

OK i will spoon feed you once:

1. take the HMRC (free) training course 
http://www.hmrc.gov.uk/courses/syob3/new_letting/HTML/new_letting_menu.html
 then work your way through several of the HMRC online webinars.
https://www.gov.uk/guidance/help-and-support-for-landlords

2. get the version for the tax year you need (updated every year, it really matters) - free at a library or invest money in your own education and buy one - you 'll need it. Note the credentials of the author, you can't get higher that that. I personally do not have a copy and don't know if really aimed at a novice, but the book has been recommended many times on here:
https://www.taxcafe.co.uk/property-tax-guide.html

Amazon? https://www.amazon.co.uk/How-Save-Property-Tax-2018/dp/1911020331