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Was letting now selling. HMRC questions
BrutalUK
Posts: 30
Forumite
So we used to rent out a property but after having a bad tenant who decided not to pay his rent and going to court etc we've now decided to quit renting the property and going to sell it. Now I know about the capital gains tax that comes with selling but my question is more to do with HMRC and self assessment. So in the last tax year we made well under the £1000 limit so no tax due but we had a lot of expensives as the house was left in a right state. Now am I right in that we can't claim expenses as these are more than the profit we made but there's an allowance? Plus I've tried to get in touch with the HMRC to tell them we're no longer renting out the property but selling instead but so far I'm left on hold for hours! I guess I can inform them via self assessment?
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Comments
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As this a question about tax it would be better posted in the cutting tax board.0
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Expenses are claimed against rental income so if you're expenses are more than the rental income then you can't claim them
If you decide to quit the rental business then you inform them on your self assessment form0 -
Do you mean under £1000 from a cashflow perspective or in taxable income? Eg if you're deducting mortgage payments that would not be fully deductible to calculate your income for tax purposes.BrutalUK said:So we used to rent out a property but after having a bad tenant who decided not to pay his rent and going to court etc we've now decided to quit renting the property and going to sell it. Now I know about the capital gains tax that comes with selling but my question is more to do with HMRC and self assessment. So in the last tax year we made well under the £1000 limit so no tax due but we had a lot of expensives as the house was left in a right state. Now am I right in that we can't claim expenses as these are more than the profit we made but there's an allowance? Plus I've tried to get in touch with the HMRC to tell them we're no longer renting out the property but selling instead but so far I'm left on hold for hours! I guess I can inform them via self assessment?
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