self-assessment

[darren9659]

Im currently filling in my tax return.I have five rental properties and have done my tax returns myself.2010-2011 tax year i sold a house and had a 10k loss.

my question is can this be claimed against income tax profit for the same year or is it offset against any future capital gains

Thanks

[Richlist]

You've left it kinda late to submit your tax returns !

Assuming the £10K loss has been calculated correctly eg it takes into account the correct elements of the buying & selling costs & any capital expenditure incurred during the letting period then you can only offset the losses against future capital gains.

Make sure you complete the capital gains pages of the self assessment forms.

Capital gains and the expenses that can be used to maximise your losses are complex. If you are unsure of what to claim get some professional advice. The £200 the advice is likely to cost will be more than offset by the additional amounts you can claim.

[chickpea]

As long as tax returns are done by January 31st, what's the problem?

[Richlist]

As long as tax returns are done by January 31st, what's the problem?

They don't just have to be done.....they have to be submitted and received by HMRC.

* There is now only 6 weeks left to achieve this.

* Xmas/ New Year celebrations and postal delays may be an issue.

* 6 weeks is not a lot of time if you encounter problems/ require professional help (many firms close for 2 weeks over Xmas).

* The amount of work for 5 properties obviously takes longer than for 1.

* I wouldn't want to be dealing with tax issues whilst preparing for Xmas.

But, we are all different and if the OP wants to spend this time doing his tax returns.....I wish him luck.

I just think doing the work earlier, ensuring it isn't rushed, having time to consider if ALL allowable claims have been made is far prefferable.

[chickpea]

I asked because hubby is self-employed and always does his tax return post-Christmas....but then again, he doesn't have 5 properties - just a number of different work contracts and a decent solicitor :-)