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Letting expenses - accountant
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BPauseMSE said:Dazed_and_C0nfused said:BPauseMSE said:I require to complete a self assessment tax return for the income from my rental property (employment taxes paid through employer and PAYE etc., but I don't want to mix them). I pay an accountant to do this for me - is this an allowable expense for my tax return?
You should take careful note of two questions near the end of the return relating to,
A. How any tax owed for 2023-24 should be collected
B. If you are happy to have information from your 2023-24 return used in keeping your current (2024-25) tax code as upto date as possible. This one is not about how you pay any tax owed for 2023-24.
Make sure you understand those before submitting the return.
Without the lettings business, you wouldn't need to file a separate tax return as it would be managed within PAYE and you wouldn't need an accountant.
Your accountant should be telling you this if they're any good.. If not, I'd find another or just do it myself.0 -
PIM2120 - Deductions: main types of expense: legal and professional costs - HMRC internal manual - GOV.UK (www.gov.uk)
BIM46450 - Specific deductions: professional fees: taxation account & negotiations - HMRC internal manual - GOV.UK (www.gov.uk)
"wholly and exclusively" business related
personal tax return work is personal. people with only PAYE are required to submit a tax return (high income, child benefit etc) but that does not make their accountancy cost allowable as it's still a wholly personal cost0
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