Self-Assessment

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    Self-Assessment

    I used an accountant to do previous returns but thought I'd make a saving doing it myself. I justs have a few questions;

    1. If I declare a rental income and made a small loss last year can I carry it forward?
    2. I (well my wife) received Child benefit thogh I fell into the bewteen £50K and £60K bracket. As we are looking at financial year 2013/14 I was on £53K from April 2013 until a pay rise in November to £58K. I received Child Benefit of £1,680 (£140/month) so wonder if I need to declare all this or just proportion the fact that for 8 months (April to November 2013) I should have received 30% Child Benefit (£126) and then after November 2013-end March 2014 I should not have received 80% (so £448) so I have a tax liability of £574?

    Any help gratefully received.

    Blighty

    #2
    1. Yes
    2. Declare it all. AFAIK, it's on the yearly income amount - so you could, for instance, not work for 11 months and then get a job earning £750k pa (£60k per month) in the last month - and have to pay back the child benefit for the whole year.

    Comment


      #3
      Emwithme,

      Thanks and it was what I was thinking would be the case. I guess I can't of- set property income loss against Child Benefit (ever the optimist)?.

      Blighty

      Comment


        #4
        I believe (but I'm not an accountant YET...give me 2 1/2 years) that you can offset property income loss against PAYE so I don't see that it wouldn't offset against a CB liability (or whatever it is they're calling it)

        Comment


          #5
          Unlike a company, an individual CANNOT set a Rental Loss against other income. It can only be carried forward.

          Comment


            #6
            Thanks. I shall add that to the memory banks. Only started my accountancy course (AAT) in September so am 3/5 of the way through Level 2. Don't really do anything substantive until next year! This year's very much a foundation level.

            Comment


              #7
              Google search "hmrc + child benefit" and you will find a HMRC calculator which may help you.

              Comment

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