Simple tax questions - the search function is kaput

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    Simple tax questions - the search function is kaput

    Hi sorry for the simple questions but the search function does not appear to be working.

    I have two property that I rent out, I have rented to family and friends for past several years and have lived in both of the property’s at several times, so never declared any tax interest, when my sister was living there after her marriage breakdown she lived there for free and I paid all the bills? Nice eh!

    Last year I finally rented them both out via the local paper as they were both now empty and I had the chance to move in with my girlfriend.

    I registered with the Tax Man to pay extra tax on the internet but never actually said what I was doing (i.e. renting out houses), last week I received a self assessment letter asking me to make a payment before the 31st of Jan, is it just a case of sending them a cheque for the correct amount or do I actually have to tell them how I figured my accounts out (Profit and Loss etc).

    I earn around 15K from my normal job and gross from my rental is £8000, so is it just a case of taking all the expenses ( advert fees, mortgage interest, boiler repairs etc ) off the £8K and then working out 22% of the final amount for the prev tax year.

    Like I said earlier the search is not working.

    Cheers.
    Last edited by gullarm; 15-01-2006, 13:12 PM.

    #2
    Originally posted by gullarm
    Hi sorry for the simple questions but the search function does not appear to be working.

    I have two property that I rent out, I have rented to family and friends for past several years and have lived in both of the property’s at several times, so never declared any tax interest, when my sister was living there after her marriage breakdown she lived there for free and I paid all the bills? Nice eh!

    Last year I finally rented them both out via the local paper as they were both now empty and I had the chance to move in with my girlfriend.

    I registered with the Tax Man to pay extra tax on the internet but never actually said what I was doing (i.e. renting out houses), last week I received a self assessment letter asking me to make a payment before the 31st of Jan, is it just a case of sending them a cheque for the correct amount or do I actually have to tell them how I figured my accounts out (Profit and Loss etc).

    I earn around 15K from my normal job and gross from my rental is £8000, so is it just a case of taking all the expenses ( advert fees, mortgage interest, boiler repairs etc ) off the £8K and then working out 22% of the final amount for the prev tax year.

    Like I said earlier the search is not working.

    Cheers.
    It seems that you have registered with the Inland Revenue to submit your self-assessment online.

    It also appears that you are now being required to file a self-assessment tax return for the tax year ended 5 April 2005 which needs to be completed and submitted by 31 January 2006. Any tax due for the same tax year also needs to be paid by 31 January 2006.

    (1) You need to complete your self-assessment tax return, including the land and property pages to declare your rental income and expenses. This could be submitted online or by way of paper return.

    (2) You need to calculate your total tax liability for the year and deduct therefrom any tax already suffered at source, such as PAYE on your earnings (see P60 certificate). Any balance of tax is to be paid by 31.01.2006.

    Ramnik
    Private advice is available for a fee by sending a private message.

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