Self assessment - rental property expenses - which year??

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    Self assessment - rental property expenses - which year??

    Hi All
    Self Assessment newbie here... So we are filling in the section for expenses and it seems that whether we put in the accurate value for 2016/7 say 20k or a fictional 1million - the amount still owed in tax (uk gov web site) has circ 2k tax still owed. Is this because the loss goes on next years tax? and if so - how do I bring in last years loss? thx

    #2
    You need to have declared last year's loss on last year's tax return, which you can then carry forward.

    It doesn't seem possible to have unlimited allowable expenses and still pay tax, so I suspect there's an error in the working somewhere.
    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
      If the total annual rental income minus allowable expenses results in a loss in your 2016/2017 tax return , that loss figure will be entered against any rental profit on the 2017/2018 tax return.

      Comment


        #4
        use an accountant and then when you understand and become more confident, then it might be worth you self assessing.

        Comment

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