plym77 Posted December 21, 2007 Report Share Posted December 21, 2007 Hi all I will be back in the New Year to answer any of your burning tax questions but will be on Annual Leave now until early January, so I just wanted to wish all forum members a Very Merry Christmas!! Enjoy the break!! Best wishes Sherena Link to comment Share on other sites More sharing options...
russ295 Posted December 21, 2007 Report Share Posted December 21, 2007 all the best and hope everyone has a great xmas russ Link to comment Share on other sites More sharing options...
lauralivesartnouveau Posted December 22, 2007 Report Share Posted December 22, 2007 Hi All Happy xmas No break for me though tenants already finding maintenance issues for next week. Oliver Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted December 23, 2007 Report Share Posted December 23, 2007 Hi Peeps Merry Christmas and a very interesting new year for one and all, me thinks! Break !! I just hope nothing does over the next few days !!!LOL Simon Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted December 23, 2007 Report Share Posted December 23, 2007 Spoke too soon ! Just dropped off 6 heaters to one on my HMO's cos boiler not playing ..... Simon Link to comment Share on other sites More sharing options...
paul99 Posted January 3, 2008 Report Share Posted January 3, 2008 Bloody typical! My own boiler blew just before Christmas! Repaired/blew again/repaired/blew again/repaired... turned out to be some obscure pump issue... fingers crossed... Was miserably chilly for a while ... Anyway, Happy New Year (Humbug!) Link to comment Share on other sites More sharing options...
dawn444 Posted January 4, 2008 Report Share Posted January 4, 2008 Hi all I will be back in the New Year to answer any of your burning tax questions but will be on Annual Leave now until early January, so I just wanted to wish all forum members a Very Merry Christmas!! Enjoy the break!! Best wishes Sherena Link to comment Share on other sites More sharing options...
dawn444 Posted January 4, 2008 Report Share Posted January 4, 2008 Hi all I will be back in the New Year to answer any of your burning tax questions but will be on Annual Leave now until early January, so I just wanted to wish all forum members a Very Merry Christmas!! Enjoy the break!! Best wishes Sherena new new rental, please advise me on tax issues, the rental just covers my morgage do i still pay tax on the property. regards dawn Link to comment Share on other sites More sharing options...
plym77 Posted January 6, 2008 Author Report Share Posted January 6, 2008 Hi Dawn You pay tax on your rental profits. Your rental profits are your rental income, less expenses. Expenses are typically repairs, utilities (if you pay them), accontancy, wear and tear (is furnished), insurances and mortgage interest, amongst others. Please however be aware that it is only mortgage interest and not the whole repayment (if this includes capital) that is allowable. There are other expenses too that are available, but it really would depend on your circumstances. You will be required to prepare a self assessment tax return each year reporting all of your income (not just the rental). The tax year runs from 6 April to 5 April next and your tax liability would be payable 31 January following the end of the year of assessment. You may also be required to pay payments on account due towards the following tax years liability. Finally on sale of the property you may have to pay capital gains tax on any profit made. I hope this helps. if you are looking for any specific advice or assistance, please do feel free to email me to discuss this further. Regards Sherena Link to comment Share on other sites More sharing options...
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