molly jones Posted March 19, 2007 Report Share Posted March 19, 2007 Hi, we are about to complete on our first BTL property and would like advice as to the best handbook/source of information explaining the tax system regarding the self assessment forms - what is tax deductable and what receipts/information do we need to supply - we've never completed one! Regards Molly Link to comment Share on other sites More sharing options...
pugsy Posted March 19, 2007 Report Share Posted March 19, 2007 As a new landlord who has gone from 0 btl to 5 in 2 years we've had to learn quick! Get yourself a good property tax software, like landlords property tax manager. It really does do it all for you, you input all the details and it works out what's deductable and where. If you're not into that and just want a book, taxcafe's books are brilliant, carl bayley has authored How to avoid property tax, which will detail everything. As for your self assessment, you will need to ask the revenue for the property supplementary pages, filling them in is the easy bit, as long as you've had software/books to guide you. Link to comment Share on other sites More sharing options...
molly jones Posted March 20, 2007 Author Report Share Posted March 20, 2007 As a new landlord who has gone from 0 btl to 5 in 2 years we've had to learn quick! Get yourself a good property tax software, like landlords property tax manager. It really does do it all for you, you input all the details and it works out what's deductable and where. If you're not into that and just want a book, taxcafe's books are brilliant, carl bayley has authored How to avoid property tax, which will detail everything. As for your self assessment, you will need to ask the revenue for the property supplementary pages, filling them in is the easy bit, as long as you've had software/books to guide you. Link to comment Share on other sites More sharing options...
lettinginscotland Posted March 20, 2007 Report Share Posted March 20, 2007 Believe it or not, the forms are not too difficult to complete + then make an appointment with your local tax officer who will check things over for you free of charge - I've previously found they are happy to do this! Link to comment Share on other sites More sharing options...
molly jones Posted March 20, 2007 Author Report Share Posted March 20, 2007 Hi Pugsy, thanks for your speedy reply - we will have a go at the software and buy the literature - thank you. We are thinking of putting in an offer on a 4 bed property but letting on a room by room basis - yes it will have to be fully furnished and is more intensive to manage but the returns are much better. We were thinking that collecting weekly rent would 1) allow us to keep an eye on the property and 2) allow us, in the nightmare senario, of removing an undesirable tenant quicker than letting on a group 6 month assured tenancy - would appreciate your views and any pointers as too any 'idots guide' to relevant legistaltion. Regards, Molly Link to comment Share on other sites More sharing options...
plym77 Posted March 21, 2007 Report Share Posted March 21, 2007 Hi Molly You can of course prepare your own tax return, as many landlords do. I would however say that in my experience many landlords either claim for things they shouldn't or do not claim for everything to which they are entitled. Before I get shouted down, I am not saying ALL landlords, but alot in my experience - they don't realise until someone looks over it with a more professional eye. I would also advise against relying too much on what an Inspector of HMRC says to you - remember whose side they are on! yes, they check over your tax return for you, but they will not volunteer additional bits of info that an accountant would. I am not suggesting you seek the advice of an accountant as clearly this is something you wish to deal with personally, however, do remember that whilst accountants cost money, we are there with professional advice and help. People often think that by doing things themselves they are saving money (due to accountancy costs) but actually often they are losing money as they do not have the professional experience and end up missing things. Whilst I say that, there are those more knowledgeable landlords who are quite capable of dealing with their own tax affairs. Many landlords choose to prepare their own tax return and are happy with the results. It really is a case of personal preference. I am a Chartered Tax Adviser and one of my specialisms is property. I do give some general assistance on this website and many forum users have found the information helpful. So if you do decide to do things yourself and have a query, please do post it and I will help with non-specific advice. Kind regards Sherena Link to comment Share on other sites More sharing options...
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