Hi all need help with tax return

Are you stuck where to put the rental income?

Do you do a tax return for your own business and are now adding to it, or do you only need to declare the rental income.

Hi the whole thing really

I have done hubbys normal tax returns over the years but this one is causing me problems.

he makes no profit at all on them,

thanks for reply hope you can help

xxxx

As far as I know, the income needs to go in on the income page - it's just another kind of income that he earns as well as his salary and there should be an appropriate box called "rental income" or "income from other sources". If it below £68k per annum you can just put the whole number in and don't need to provide a split, if it's more you will probably have to give details of the property etc.

The costs then need to go in the "allowable expenses" box which I think is on the next page having confirmed the income etc. That's assuming that they are allowable expenses - which from looking at the .GOV website are:

letting agent's fees legal fees for lets of a year or less, or for renewing a lease for less than 50 years accountant's fees buildings and contents insurance interest on property loans maintenance and repairs to the property (but not improvements) utility bills (like gas, water, electricity) rent, ground rent, service charges Council Tax services you pay for, like cleaning or gardening other direct costs of letting the property, like phone calls, stationery, advertising

See here for link: http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_10014027

Hope that helps a little?

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