MrWells Posted January 19, 2012 Report Share Posted January 19, 2012 Hi, All... Just doing my Self assessment.. Would like some clarification on a few questions.. If I declare my property as fully furnished, does it need to contain everything that a tenant would need.. So for example if I supplied white goods, carpet, curtains,bed, sofa etc - but no TV.. Is this still classed as fully furnshed ? Also if I go down the fully furnished route, can I back date this to last years self assessment, as I didn't know about this then.. I've noticed people talk about claiming for mileage, can this only be claimed if your self employed ? Or this open to anyone, even if your in full time employment ? Also any other advice / tips on how I can lower by tax bill.. Thanks, Shaun. Link to comment Share on other sites More sharing options...
Richlist Posted January 19, 2012 Report Share Posted January 19, 2012 Also any other advice / tips on how I can lower by tax bill. 1. Get an accountant 2. Buy a good book on property taxes 3. Spend lots of time reading posts on forums like this 4. etc etc.....its only limited by your creativity. If I declare my property as fully furnished, does it need to contain everything that a tenant would need.. So for example if I supplied white goods, carpet, curtains,bed, sofa etc - but no TV.. Is this still classed as fully furnshed ? I don't believe that there is any official defintion of fully furnished. Different organisations tend to have a slighty different definition. To play safe.....fully furnished includes everything a tenant would need to cook, eat & sleep except for personal items. So basically......floor coverings, curtains/ blinds, lights/lampshades, cooker, fridge, bed, wardrobe, sofa/chairs, table & chairs, cutllery, plates, cooking equipment. The absence of a supplied TV, kettle, microwave, toaster, vac cleaner, washing machine etc does not in itself mean the property is noot fully furnished. Also if I go down the fully furnished route, can I back date this to last years self assessment, as I didn't know about this then.. No. You should write to HMRC tell them there is an error in your tax return fr last year and ask them how they want it corrected. I've noticed people talk about claiming for mileage, can this only be claimed if your self employed ? Or this open to anyone, even if your in full time employment ? Do you have an agent that manages the property for you ? Additional items you might consider if you have incurred expenses are: * capital allowances * unfurnished expenses * repairs to contents (in addition to 10% W & T claim). * small tools/ equipment .....if you do your own repairs/maintenance * service charges * ground rents * utilities during voids * any freeholder permission requirements * wages * telephone....home/ mobile * ISP costs * cleaning materials * car parking * repairs to tools/equipment * any relevant training courses * rent guarantee insurance * deposit protection costs * EPC costs * gas & electrical certificates * any gardening services provided by landlord * property web site costs * consumables * computer software * photocopying * use of home as an office etc etc . Link to comment Share on other sites More sharing options...
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