Tax and what's deductable

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    Tax and what's deductable

    Hi, i know that there are certain things that are classed as deductable / allowable expenses but can i claim for my own time if i've done the work at the property and if so how much can i claim eg - £20/h etc?

    #2
    No.

    If you could, it would just be taxable on you anyway as income (just like your plumber's income is taxable on him).

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      #3
      Hi, I'm a first time overseas landlord with 1 property (former home) and have just had confirmation from the UK tax office that my landlord will not be taking income tax at source. This is due to my only income source in Sterling is going to be the profit from my one house. However, what I would like to know is, what can I offset from any profit I make. I know I can take offset the 10% agency fees and annual boiler service, but unsure what else. I did provide a forecast for the UK tax office and provided them with the estate agents 'code' and so no income tax is going to be taken off with the given forecast?
      The other qtns I have is, the EA started marketing the property in April but only just secured a tenant end of Sept. When will I have to provide my 1st self-assessment and can I claim bk the VAT that the EA are currently deducting from the 10% agency fee as they are managing the property for me? many thanks.

      Comment


        #4
        1. VAT cannot be reclaimed.
        2. You may offset all costs incurred wholly and exclusively for the purposes of your business. So any mortgage interest (but not capital) costs.
        3. First tax return in respect of the year to April 2012, due by 31 January 2013 (online).

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