Talk

Advanced search

Calculating tax on rental income HELP PLEASE!!!

(3 Posts)
supadupapupascupa Wed 10-Aug-11 12:05:12

Can anyone please link me to the bit on the HRMC website that i need to be in that has the info for calculating tax payable on a rental property?

Is it self assessment? business? arghhhhh i'm going potty not knowing which bit it is!

I just want to know what I will need to fill in, and how to complete it. Please.

TIA.

scaryteacher Wed 10-Aug-11 15:00:41

Work out your gross rent. Take off mortgage interest paid, insurance, any maintenance done, agents fees and there you have your net profit/loss for the year. Apply figure to tax return.

supadupapupascupa Wed 10-Aug-11 15:42:54

i found it!

i had it all on spreadsheet but couldn't figure out what forms to fill in. i have never done self assessment before.

i don't think there is any tax to pay as it's all below my tax allowance, still got to fill it in though.....

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now