Excel Spreadsheet of HMRC

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    Excel Spreadsheet of HMRC

    Hi,

    it it is my first time to file the tax on rentals return. I wonder if there a standard spreadsheet provided by hmrc I have to fill up for the rental income and expenses and upload by the end of the self assessment?

    I can find a professional website that cost £12-£15. But what I am after is the official one from the hmrc, I couldn’t find it from my login page, therefore I wonder if I have missed out anything?

    thanks!

    #2
    There isn't such a thing.

    You don't need to give a detailed breakdown of all of the expenses (although you can if you wish).
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      You may have read some of the earliest blurb from the HMRC. They initially did say they would require a proper piece of software, would not accept spreadsheets. Then, when it was pointed out that that would not be possible until they published the system that software would have to work with, they said they would accept spreadsheets and that they would proffer one up. The blindingly obvious seemed to have escaped notice for a long while and a few more revisions, statements etc!

      Then they said they would not... then the dates changed... the details changed... and now, well, MTD simply means (for individuals and SMEs) that we carry on as normal and, if you do cash based accounting (which you probably should) you don't need details, just 3 numbers: Amount In - Amount Out = Taxable Profit

      I do keep a spreadsheet, I Googled until I found one I liked, one that suited my own way of working. I use it to track invoices etc. But at the end of the year (or multiple times when the date comes round) I just enter those 3 figures.

      As jpk said, you don't have to keep a detailed breakdown... but the Do-As-You'r-Told-By-Mindless-Authority Teacher in me means I do... just in case 'They' call in for and audit

      Comment


        #4
        some companies produce software which you can pay for and will allow you to submit your return online. Can't speak for it as I've never used it.

        It's all pretty straightforward if you're filing a return online or on paper if you use the Property pages and follow the notes. If you've got a complicated situation, why not use an accountant as that's a deductible expense anyway?

        Comment

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