marco_c Posted October 22, 2011 Report Share Posted October 22, 2011 Hello everybody! I have a property in uk currently let using a letting agency I am not resident in uk I complete an NRL1 and the HM Revenue and customs approved my application to receive rental income with no tax deducted After I received a letter saying that I should complete a tax return each year So I used the web site hmrc.gov.uk to fill the self assessment I have just filled the tax return for the year ended the 5th April 2011 on internet at hmrc.gov.uk/self-assessment I filled: UK property Did you receive any income from UK property (including rents and other income from land you own or lease out)? Yes UK property details 1 Number of properties rented out: 1 18 Total rents and other income from property (including any furnished holiday lettings profits in box 13) with the total amount Property expenses Rent, rates, insurance, ground rents etc. (with water bills, home insurance and council tax) In the Calculating your taxable profit or loss I can see the total rents – property expences I think I filled everything Any advice? Better to go to an accountant? Many thanks marco Link to comment Share on other sites More sharing options...
Guest caravanj Posted October 22, 2011 Report Share Posted October 22, 2011 Hello everybody! I have a property in uk currently let using a letting agency I am not resident in uk I complete an NRL1 and the HM Revenue and customs approved my application to receive rental income with no tax deducted After I received a letter saying that I should complete a tax return each year So I used the web site hmrc.gov.uk to fill the self assessment I have just filled the tax return for the year ended the 5th April 2011 on internet at hmrc.gov.uk/self-assessment I filled: UK property Did you receive any income from UK property (including rents and other income from land you own or lease out)? Yes UK property details 1 Number of properties rented out: 1 18 Total rents and other income from property (including any furnished holiday lettings profits in box 13) with the total amount Property expenses Rent, rates, insurance, ground rents etc. (with water bills, home insurance and council tax) In the Calculating your taxable profit or loss I can see the total rents – property expences I think I filled everything Any advice? Better to go to an accountant? Many thanks marco If you've put the correct figures into the relevant boxes you'll be ok, but take it from me, if you haven't then you'll be the first to know!! Link to comment Share on other sites More sharing options...
Chestnut Posted October 23, 2011 Report Share Posted October 23, 2011 Agree! Provided you fill in boxes as correctly as you can you shouldn't need an accountant for one property. Expenses can include any ongoing annual maintenance costs (e.g. agent's fees, repairs, gas check?) during tenancy. Link to comment Share on other sites More sharing options...
Richlist Posted October 23, 2011 Report Share Posted October 23, 2011 Bad advice is always free ......especially where tax returns are concerned and this web site is no exception. How do you know you have claimed all of the expenses you are entitled to ? Are you aware of the difference between revenue expense and capital expense ? Have you chosen to claim the 10% wear & tear allowance or the actual costs ? My advice is to do one of the following: 1. If you are knowledgable regarding what you can & can't claim then do it yourself. 2. If you are not then either get a book that provides the detail OR employ an accountant. An accountant will often save you MORE than his fees ......at least for the first year. There are a lots of landlords who don't claim all the expenses they are entitled to.....make sure you aren't one of them. Good luck. Link to comment Share on other sites More sharing options...
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