Hi All
I am currently trying to submit my Self Assessment - I work full time, and pay my regular tax through my work. I rent out my house, so this is the 3rd year of me doing the Self Assessment - this year i earned £6500 in rent. My expenses were just over £8000 - the tenants absolutly wrecked the stair case, the complained about the fence so had to replace the whole thing, the kitchen needed 4 new cupboards, they needed a new window to name but a few things!! So ive entered my rental amount received and then entered the expenses - just as I have done in the previous years - but when it comes to the calculation it just shows my income from my job and the tax ive paid through my job - it dosent show my rental income or the expenses I've incurred through that?
I must have not done something /done something incorrectly - I've been back through it all to double check and nothing stands out.
Thanks :)
Replies (26)
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Left it a bit late, haven't you ?
You have no income from rents, apparently, so nothing shows on your calculation.
You can only carry the losses against future rent income.
This tax return business isn't as simple as HMRC try to claim, is it ?
If you were expecting a repayment, why did you wait so long ?
How are you coping with the new interest rules ?
I know that I can only claim back 75% of my mortgage interest for this financial year.
What about the other 25% ?
Not the point, really - I don't think you've quite grasped it.
You can't use it if you have a rental loss as it's limited to your rental profit - which is the princely sum of £0.00.
You're going to need a bit more research before doing next year's return. Try not to leave it until the end of January.
I know that its not going to help if my profit is Zero.
Yeah - but what are you going to do with the interest ?
Can I carry this forward too so as not to waste it?
Probably but read the detailed rules.
I know that I can only claim back 75% of my mortgage interest for this financial year.
I’m afraid you can’t, hun.
I know that I can only claim back 75% of my mortgage interest for this financial year.
Yeah babe, you would know that, but that's because you're wrong.
https://www.gov.uk/government/publications/restricting-finance-cost-reli...
"Landlords will no longer be able to deduct all of their finance costs from their property income to arrive at their property profits. They will instead receive a basic rate reduction from their income tax liability for their finance costs.
Landlords will be able to obtain relief as follows:
in 2017 to 2018 the deduction from property income (as is currently allowed) will be restricted to 75% of finance costs, with the remaining 25% being available as a basic rate tax reduction"
That's because you haven't noticed that my reply was to your reply to my reply to a different wrong statement you made. Or perhaps you did notice and are wriggling. Attention to detail is important.
I don't think anyone's ripped you to pieces. You're being over sensitive. Quite an endearing quality for a landlord if it's used to benefit your tenants.
I can see that as a possible scenario - but, happily, I don't have any clients who have rental properties mortgaged to the hilt.