Self assessment return for landlords

Rumana03

Am I able to include rent arrears in my tax return?

There seems to be a question asking for 'loss brought forward'...

chrisw

The losses brought forward are if you made a loss the previous year. For example, your rental income was £6000 last year but your expenses came to £7000 so you made a loss of £1000.

Rent arrears will be automatically included in the assessment as your income will be less beacause of them.

Rumana03

chrisw said:

The losses brought forward are if you made a loss the previous year. For example, your rental income was £6000 last year but your expenses came to £7000 so you made a loss of £1000.

Rent arrears will be automatically included in the assessment as your income will be less beacause of them.

Thanks...that's how I read it to be as well but I wasn't sure and the information on the site was unclear.

LegallyLandlord

I think spending money on an accountant for a self-assessment return is money well spent. 

I say that as a landlord who does everything else including self-managing and self-letting. It doesn’t cost much and means I know I have claimed all the allowances correctly. 

diystarter7

LegallyLandlord said:

I think spending money on an accountant for a self-assessment return is money well spent. 

I say that as a landlord who does everything else including self-managing and self-letting. It doesn’t cost much and means I know I have claimed all the allowances correctly. 

Hi
I disagree on belh of most LL that have one/few and often mortgae free etc etc
SA comes around once a year and recently completed a couple for our kids, I think they change them a bit every year but you get used to it

Anything you don't know call SA, read up in and or ask a question here and posters like chrisw/etc will often help in a concise and clear way

Thanks

movilogo

Self Assessment may look daunting and confusing first time but with perseverance one can overcome it. 
This is something you better pick up yourself as landlord - among many other skills. 
If you engage an accountant, you will never learn and will keep on paying him/her year after year.

diystarter7

movilogo said:

Self Assessment may look daunting and confusing first time but with perseverance one can overcome it. 
This is something you better pick up yourself as landlord - among many other skills. 
If you engage an accountant, you will never learn and will keep on paying him/her year after year.

Just like to add, you look at it, read it, test the amounts you are being told to pay, revise it again and again and if it then starts to look puka, send it off. Then follow up with a phone call a few days later to ensure all is well and ask if any taxes due back and run by any queries - it is realtively easy for those that complete forms and have btl and easir imo  if no mortgages etc


Do the "cash base" return easier.
You need you p60 info
Interest often in gross
and LA statemt or your own list of costs inc sin/lease/costs/income/expenses etc

Rumana03

I have always done mine myself. I just hate that time of year though when it's self assessment time.
Last year they had to pay me back £3000 as they had overcharged me & I didn't realise until I logged into my account. They are quick to take money from us but don't bother to tell us when we are owed something

diystarter7

Rumana03 said:

I have always done mine myself. I just hate that time of year though when it's self assessment time.
Last year they had to pay me back £3000 as they had overcharged me & I didn't realise until I logged into my account. They are quick to take money from us but don't bother to tell us when we are owed something

Hi
That is a true fact. This is why, call them a few days week afterwards. From what you said, possibly logging in a couple of weeks later may help. They ask for bank details etc, but I've been there but it was about 800 quid.
HMRC does get it wrong as a couple of years ago they asked for an advance payment then they returned it. I spent time on the phone to ensure it was correct. In HMRC's favour, always got through recent years in 2 minutes. and they have been helpful

Thanks